An auction house is a place where collectors and art dealers gather to compete for the most valuable works in the world. Every move these players make can shape the dynamics of the art market, while successful sales allow auction houses to demonstrate the vitality and vibrancy of the market. Observing these events—particularly evening auctions—evokes a unique sense of excitement, although they may also raise questions for those new to the scene. For this reason, the Artchart team has compiled a glossary of commonly used auction terms, designed to both enhance understanding of how these events operate and enrich the viewer’s experience.