Few outside monitors, third-party guarantees, and "chandelier" bids are just a few of the issues that a lengthy New York Times article brings up about the auction business.

Auctioneers counter that such grievances are coming from their rivals, namely gallery owners, who have their own issues of lack of regulation, opaque transactions, and hidden prices.

Legislators have tried to push a number of bills to regulate auctions in New York City and each time have failed.

One of the most cited issues involves expensive artworks sold at the major auction houses that have third-party guarantees.

The New York Times explains:

Critics argue that the guarantors have an undisclosed interest in the outcome and an unseen advantage over other bidders because a buyer who wants the work might wind up competing against someone who only wants to bid up the price.