The art auctions essentially ensure that the art market runs smoothly throughout the legacy (or lack there of) of an artist. Many mistake the auctions as proof that the market for art is liquid, however the use of auctions is just to verify current trends in the market and collectors’ appreciations for art styles. The auction does not act as a normal market place. While it may seem exciting to have the potential to buy these works of art, many of the buyers are there to verify their tastes and see their current art collections appreciate. Some buyers do not buy a thing, however one of the works they own has the same artist as one being sold, a price higher than the expected sale could indicate that the collector’s work at home has appreciated since he or she bought it.
The actors in the auction do not change from year to year, Thornton notes in her work that many sit in the same seats they had at last year’s auction. It is a small community where auctions are used for more than just buying and selling art, but catching up with friends and seeing rival bidders.
Ultimately, the auctions is less about the art than it is about verifying the current trend or showing the value of a certain brand. The recent Liz Taylor auction shows that auction houses can push prices sky-high by focusing on certain aspects of the art, instead of just the art itself. 
Liz Taylor found the Hollywood spotlight in the 1944 movie, National Revolver. Just 12 years old at the time, her role in the movie led her career to achieve superstar status, taking her from child star to movie star. A recent Christies’ auction put up for bid a lilac leather-bound script which was used by Liz Taylor throughout the movie. The auction was expected to being in $2000-$3000, however the bidding went all the way up to $170,500. It is no mystery why the script was sold for so much higher than its expected value- and has everything to do with how the auctions are set up. Fantastically wealthy buyers are placed in a room, essentially competing with each other for a measure of wealth. The script is not the point of value in this sale. Instead, it is the fact that it belonged to Elizabeth Taylor, and further that it marks a certain sophistication and wealth of a buyer. Often auction houses will not sell a piece which has been sold on the primary market within the last two years. This is in order to gain the power of speculation. The works that auction houses sell are not only so that collectors can experience art, but so that they can say they have validated their preferences.