Auction businesses organise the sale of goods or property through competitive bidding. Items are usually grouped into lots, described in a catalogue and offered for sale at a scheduled auction, either in person, online or through a combination of both. Depending on the auction house, lots may include antiques, art, jewellery, collectables, furniture, business equipment, vehicles or land and buildings. Before a sale, auctioneers may assess and catalogue items, provide estimates and arrange viewings. Buyers place bids in accordance with the auction's rules, and a lot is generally sold to the highest bidder once the auctioneer closes the bidding, subject to any reserve or other sale conditions. Businesses may also handle payments, collection or delivery arrangements, and settlement with sellers. Terms vary, so buyers and sellers should check details such as buyer's or seller's commission, deposits, taxes, payment deadlines and collection requirements before bidding or consigning goods.