A fresh view of art auctions and their role in today's international art market. Explore the transformation of art auctions into spectacular theatres of the contemporary art world. From glittering black-tie events to the anonymity of the digital realm, auctions stage the creation of value and can make or break artists' careers. They are a strange phenomenon: relics from the 18th century which remain at the heart of the art market. Kathryn Brown's incisive survey assesses the ongoing relevance of auctions to contemporary art markets and discusses the opportunities, controversies and conflicts of value to which they give rise. This accessible is for art-world professionals, collectors, students, and anyone interested in the art market and cultural economics. Discover the multifaceted role of art auctions in the 21st century, including: Online formats and digital realms Encroachment on gallery territory Expansion into new regions and categories.