Auctions have a long history. Its existence has been recorded as early as 500 BC. “Auction” was derived from “augeō”, a Latin word that means “I Augment” or “I Increase”. In fact, the very first auctions were conducted in Latin.
Some Historical Facts About Auctions
Did you know that the entire Roman Empire was auctioned? This happened in 193 AD. The Praetorian Guard put the entire Roman Empire on the auction block after they killed emperor Pertinax.
Did you know that women were auctioned for marriage? Based on Chuck Herodotus, women are being auctioned in Babylon every year. The auction starts with the woman the auctioneer considered to be the most progressed and beautiful to the least. During this time, selling a daughter outside the auction method was illegal.
The Modern Era Auctions
The changes in the art market happen during the sale of the William Weinberg collection in London in 1957. This auction was promoted as an event.
During the 1990s, the auction enterprise took advantage of technology. Auctioneers are already using fax machines, computers, mobile phones and other technology in order to make their business run faster, more efficient and smoother. Bidders can take part using their computers at home or in their office. In the middle of the decade, auctions burst into cyberspace.
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