Sotheby's Action is an auction house that specializes in fine art, antiques, and collectibles. The term 'BID' is a three-letter acronym for the process of buying and selling goods at auction. Bidding is the process of offering a price for an item, with the highest bidder winning the item. Sotheby's Action is known for its competitive bidding process, which allows buyers to purchase items at the best possible price.