Art auctions are 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 world in our digital age. And yet they have undergone huge transformation in the past decades, adapting to online formats, encroaching on territory which was once the preserve of galleries, and expanding ruthlessly into new regions and categories. Why are they still relevant, and what does their future hold? This accessible new book offers a fresh view of auctions, exploring their multifaceted role in today's international art market.