One of the best things about Christie’s or Sotheby’s or other auctions is that they are open to the public. Go attend one! Ping me if you need some hand holding ;)
Yes! I'd add that the sales themselves are often during working hours, but there's viewings in the days/weeks leading up to the sales which are a SUPERB way to view some world-class art for free.
There's also a lot of surprisingly affordable work available (hundreds/low thousands for prints from famous artists). And you can always consign it back to the auction house and get the majority of your investment back (and then some, if you're lucky).
I've just left the auction trade, sadly never made it to a London saleroom to work but viewed some nice sale at Bonham's Bond street (Modern British and Irish art for me). I'd second your comments though that everyone should go down and view a few, they're a great day out.
If you replaced open bidding with blind, internet only, would you get a sustaining model or would the emotional, in-the-room aspect of things be neccessary to make the bloated profit work? I recall that when the UK government taxed seller and buyer, it went directly onto price as sellers walked from owning any cost of doing bid'ness.. and the auction houses did not lose.
