Have you ever wondered what happens to lost luggage that can't be traced back to its owner?

To find out, I went down to Greasby's auction house in south west London, which has been going since 1919.

Greasby's is home to one of the most well-known sale rooms in the UK.

Suitcases aren't sworn in until airlines have made an effort to reunite them with their owners. They'll use personal effects to try and track passengers down, but these will be removed if the owner isn't found.

And no, the cases don't contain valuables: laptops, straighteners and other electronics are taken out before the suitcases reach the auction house so that they can be sold separately.

Punters can't see what's in the cases until they've bought them.

You'll find clothes and jewellery for the most part; some items are mixed between different cases. This means they can be listed as women's clothing, men's clothing and children's clothing (or a combination of two) at the auction itself.  Some are just full of shoes – a dream for footwear fans. 

Greasby's runs an auction twice a month, attracting regulars and a few newbies. Some die-hard punters have been coming here since day one. There's a friendly community vibe in the sale room, with some bidders holding back on items that they think a fellow punter will be interested in.

Contrary to the frantic ramblings of your typical auctioneer, Kevin, who is standing in for the head auctioneer, is laid-back and clear with a dry sense of humour. It must help when there are 507 lots up for auction. I'm told by a fellow punter that it's normally closer to 800.

As of today's auction, the minimum bid has increased to £8. Others discuss whether this might put punters off at it seems a little quiet. Kevin disagrees: "I don't think it will make much difference. All we do is make the lots bigger. Suitcases always make £16-£30. Sometimes more, sometimes less." 

The lots are already getting bigger, as you can see from these bundles here. 30 ties, anyone?

Greasby's sells far more than lost luggage. Throughout the three-hour auction, the hammer goes down on increasingly bizarre items: everything from a fondue set to a bundle of incontinence pants to giant boxes of detergent. These went for £8 apiece, in case you were wondering. 

Most of the regulars don't go for suitcases as they're lower in value. "There are a few who earn a living out of it," says Kevin. "People see lost luggage programs and are misled by them."  

So why do punters find them so enticing? Kevin isn't sure:  "I don't know. Curiosity, maybe?" 

Mark (pictured) prefers costume jewellery and cameras that he sells on eBay: "If you buy costume jewellery you find some interesting pieces that have been overlooked." 

He speaks of a big bag of jewellery he bought at another auction house: "We thought we'd chance around; there might be a sweet piece of something in there. We found an 18-carat gold chain – I'd say 10 grams' worth. It went for around £400 and only cost us, like, £6."

Despite this sage advice, I still went for a suitcase. Worrying that I wouldn't get one at all, I waved my bidding card at the mention of 'case', 'ladies' and 'clothing'. I ended up with a set of two – the very definition of panic buying. The pair, including buyer's fee and VAT, came to around £28. 

I was eager to see what was inside...

Lost luggage must be great fodder for creative writing as you can piece together so much from these cases.

One is filled with crumpled, stained wares while the other reveals immaculately folded clothes, some of which looks like it was bought for the holiday.

The treasure trove also contains some jewellery, though wearing second-hand earrings might be a tad risky.

Tucked away in the front pocket is a purse from River Island. And of course, pants – lots of them. 

There was also a few euro cents and an old coin, possibly a franc.

After some digging, we discovered that one of these items is quite valuable.

Is it the tartan kaftan or the Moncler cream jacket?

It's the Moncler cream jacket, of course. The exact item wasn't on eBay but judging by these prices we'd say it could land quite a few quid on the auction site.

If you're a first-time auction goer and are in need of some advice, remember that research is key.

"I'd say Google and search engines are a good option. If you see something just type it in, search, see what it's worth, see which auction houses have it," say Mark.

Any last words from the auctioneer? "Be cautious. Make sure you view the goods properly – that's the most important thing. The best buyers are the best viewers," says Kevin.