The difference between an offer and an invitation to treat can most clearly be seen in auction sales.

"We have a lot of businesses, and auction sales are just one of them."

It seems that 37 percent of the auction sales fell through - buyers got cold feet, or could not come up with the financing.

Christie's auction sales for 1994 were $1.26 billion, up 15 percent from $1.1 billion in 1993.

As of 2007, 155 works have auction sales.

Her work has also gained exposure through auction sales.

Christie's auction sales rose 17 percent in 1995, to $1.47 billion, and its profits, due to be announced this week, are also expected to rise.

Indeed, the banks themselves are taking a new look at auction sales.

Worldwide, auction sales of wine topped $240 million last year, up 45 percent from 2005.

Retailers are expected to charge about 20 percent commission on all auction sales.