This past may New York hosted what is probably the biggest auction season ever selling more than $2.7 billion worth of art. Last week, the traveling circus touchdown in London with multimillion dollar art sales at Phillips, Sotheby's and Christie's.

So before the arm market goes into hibernation for the summer, we decided to revisit our episode, decoding the complex sociology of auctions.

Auctions are the most public and visible part of the art market—but they are also among the most misunderstood. There’s a ton of behind-the-scenes preparation, psychology, and game theory that goes into pulling off a successful sale. It is a game—and to succeed as both a seller and a buyer, you need to know the rules. We called in Artnet News executive editor Julia Halperin to help us decode the complex sociology of auctions.