In 1989, as the art market roared, the critic Peter Schjeldahl wrote deliciously about attending his very first auction, a marquee November sale in New York at Christie’s. He saw “finely tailored feeders at the art trough clutching their bidding paddles,” and mentioned reserves, estimates, hammers, and other specialized terms. Some 35 years later, those annual auctions are running again, filled with high drama, displays of extravagant wealth—and plenty of jargon.