As the third largest auction house in the world, Sotheby's enjoys the type of name recognition that only few companies in world history have had. Today, Sotheby's has a few locations open.

Their New York location is one of the premier auction houses in the world. Sotheby's headquarters is in London, England, and they have additional auction houses set up in Moscow and Hong Kong. There's also a Sotheby's International Realty, a subsidiary of the auction houses.

Sotheby's was founded in London in March of 1744 by Samuel Baker. At the time, the house was known as Baker's, and it gained recognition after Samuel procured a slue of rare books from the library of Sir John Stanley. These items were not auctioned off, and Baker's wasn't well known for selling much of anything in its early years.

The first actual sale is debated. Many historians claim that, in 1913, the house had its first major success in the sale of a painting by Frans Hals. Baker's took the name Sotheby's in the 1800s when the new owners John Sotheby, who was Samuel Baker's nephew, and George Leigh took over the business.

Over the years, Sotheby's became known as an auction house. In London, the clientele were always high-end, and as the brand's name started to spread, the new owners saw to it that their house only carried valuable items.

There's no one defining turning point in their history; there's no mystery or intrigue. Sotheby's auction house became an elitist establishment and has remained such through the years and through their various locations.

Most know of Sotheby's as the aforementioned auction house of the elite but, in recent years, they've dabbled in the wine industry; and not surprising to many, they do that well too. The Sotheby's location in London has sold some of the world's finest wines since 1970. The trend was slow to get overseas, but in 1994, the Sotheby's in New York also got into the spirit and started to deal in wine. Today, Sotheby's prides itself on offering the finest wine cellars in the world. Moscow and Hong Kong also provide wine, but London and New York remain the most popular.

All told, Sotheby's has a turnover of over $3 billion annually. Even during recession, Sotheby's continues to do well. Although, when it comes to branching out and trying something new, the brand doesn't have such a spotless record. After acquiring Parke-Bernet in New York in 1964 and then completely renovating the premises in 2001, the location attempted to open a bistro. It was promptly closed due to poor attendance.

Other than Sotheby's, only Christie's can be mentioned in the same breath as a premier auction house, and the two have been in a heated rivalry for the number one spot. Not to be outdone, Sotheby's holds some impressive records for auctioned items. In 2002, Norman Rockwell's Rosie the Riveter sold for $4.9 million, and they also hold the record for the most expensive painting ever sold, Picasso's Garcon a la pipe for $104 million.