Auctions have been a staple in our history for centuries. Dating back to Babylonian times, the word ‘auction’ derives from the latin word ‘augere’ which translates to ‘increase’ or ‘augment’. Throughout history, auctions have been the acceptable way to negotiate prices for goods and commodities, fair payment for the seller, and fair price for the seller.

Here is a quick glance timeline of auctions, from their first reported start in 500 BC, to today’s online auctions.

500 BC- The first recorded auction in Babylon. An annual auction where women were auctioned off to be married.

Ancient Romans held auctions around this time as well. Their items were actual material goods which were put on the market by the seller. These Romans were the first noted auctioneers to use promoters, and actual auctioneers. The material goods sold at these auctions were the spoils of war, brought back and then sold. Apparently, the soldiers were always followed by business agents in battle to apraise the potential value of their stolen spoils. Romans also were the first recorded people to auction property, and personal heirlooms of the Monarchy.

193 AD- The Roman Empire was put on the auction block. The whole Empire was overturned and thus placed on the auction block to the highest bidder to claim it. It was auctioned and sold for a minimal per guard price. The winner of the empire was beheaded two months later, the empire changed hands again for a few years and then finally went to the people.

7th Century- Buddist monks in China were using auctions to fund the creation of new Buddist temples. The auctions items were those possessions of deceased Monks.
1674- The oldest auction house in the world (Auktionsverk) is opened in Stockholm Sweden.
16th Century- The Oxford English Dictionary made an entry of auctions in their times.

17th Century-Auctions in Great Britain were advertised and held in taverns and coffee and tea houses on a daily basis. Most of the items catalogued to be sold at this time were pieces of artwork.

18th Century
1744- The creation of Sotheby’s
1766- The creation of Christie’s

19th Century
1861-1865- American civil war veterans sold goods seized and sold at an auction by the Colonel of the division, this lead to the term ‘colonel auction’ in the U.S.. These were private auctions only available to high ranking officials and dignitaries.

1887- The first recorded auction held in the Netherlands and Germany. Mostly auctioning produce and fish, the sellers used auctions to market their items as well as raise the price by allowing for competition.

Early 20th Century- First public advertised open auctions arrived in America. At this time, the social norm did not appreciate the idea of auctions, so most sellers were not disclosed. These auctions were historically notorious for auctioning slaves, but also extended to property, livestock, tobacco, and even debt and credit.

Late 20th Century-
1995- Online auctions arrived. Ebay was the first online auction; the first person to sell online was Pierre Omidyar who sold a laser pointer to a collector for $14.83.

Author Bio: Visit http://www.madisonsauction.com for collectible auctions, appraisals and liquidation and bankruptcy.

Category: Business
Keywords: appraisals,auction,bidding,auctions