"We do auctions of new and used high-class jewellery, silverware and contemporary paintings, " explains Michael Jordan of O'Reilly's. "We are extremely meticulous about what items we accept and we, not the owner, always put the auction values on all items. In other words, we don't just take a reserve price from the owner. We prefer to put on what we think is a realistic reserve."

Auctioneering is very popular, both among those interested in investment and adornment. It still, however, suffers from an old-fashioned belief that the quality of goods up for sale can be questionable. "People are still very wary about what they might be buying at an auction, " says Jordan. "So here in O'Reilly's we offer a full guarantee on all that we sell. We also provide full catalogue descriptions and have professional appraisers on hand. In this way, we hope we are taking some of the fear out of it."

So what might be on offer at one of O'Reilly's auctions? The price of lots ranges from as little as 250 (for something like an antique gold bracelet) up to 40,000 (for a five carat diamond ring). Their valuation process is simple. On any lot which is pre-owned, they put a reserve price roughly one third of the retail value of the same item were it to be bought brand new.

There could be up to 500 people viewing an O'Reilly's auction with around 50 people there to buy. "People who cannot make it on the day an item they are interested in is going up for auction can instruct one of our auctioneers to bid on their behalf, " says Jordan.

"Likewise, they can also participate in the bidding by telephone."

The next auction on Francis Street is scheduled for the 19th of September. And contrary to what you might think, everyone is welcome. "There appears to be somewhat of a mystique around auctions, that they are somehow exclusive and only open to certain people, " says Jordan. "But anyone can come and join either to view or indeed to bid."