How is an "auction house" best defined?

An "auction house" is best defined as a business or organization that facilitates the auction of goods and services. This definition encompasses a wide range of activities associated with auctions, including the organization, management, and execution of the bidding process. Auction houses provide a physical or virtual space where sellers can present their items to a group of buyers. They also typically handle the marketing of the items, the cataloging, and ensure that the auction process adheres to legal and ethical standards.

In contrast, while a personal collection of items for sale may involve auction-like transactions, it does not embody the structured and professional nature of an auction house. Online platforms exist that conduct auctions, but they do not fully capture the breadth of services offered by traditional auction houses, which may include live auctions and in-person events. Lastly, while a government body might regulate auctions, it does not function as a facilitator of the auction process itself; therefore, it does not represent the primary definition of an auction house.