The word ” AUCTION” , comes from the Latin word ” auctum” which means ” I increase”.
Before the 17th century, auctions were not very common. The practice was more, haggling and sell by set price. However, auctions have been recorded , as early as 500 BC. In BABYLON, auctions of women for marriage were held annually.
During the Roman Empire , auctions were used, to liquidate the assets of debtors .
One of the most significant historical auctions, occur in 193 AD, when the entire Roman Empire was put on auction.
In China, as early as the 7th century AD, belongings of deceased Buddhist monks, were sold on auctions.
During the 17th and 18th century, auctions by candle began to be used . The end of an auction was signaled by the expiration of a candle flame.
In the late 17th century, the auctioning of artwork was held in coffee houses and taverns….reporting by London Gazette. The first known auction house in the world was Stockholm Auction House in 1674.
Sotheby’s, the worlds second largest auction house, was founded in 1744 in London
Christie’s, the worlds largest auction house, was founded in 1766 in London. Christie’s established a reputation as a leading auction house, taking advantage of London’s status as the major center of the international art trade .
AUCTIONS…..have a very long and colorful history