I've been researching Sotheby's and I was hoping to get a better feel for the whole auction experience. Has anyone here participated in a Sotheby's auction? What was involved in participating? Was it exciting? Please provide details of your experience.

I'm also interested in the selling side of Sotheby's auctions. I'm guessing very few have sold an item at Sotheby's, but just in case one of you have, please share your experience. Did you get a guaranted price? What were the terms and how did the auction turn out?