AUCTION
History of Auction
Records handed down from ancient Greek scribes document auctions occurring as far back as 500 B.C. At that time,women were auctioned off as wives. And, in fact, it was considered illegal to allow a daughter to be “sold” outside the auction method. A “descending” method was used for these auctions, starting with a high price and going lower until the first person to bidwas the purchaser, as long as the minimum price set by the seller was met. The buyer could get a return of money if he and his new spouse did not get along well, but unlike a horse, maidens could not be “tried” before auction. Women with special beauty were subject to the most vigorous bidding and the prices paid were high. Owners of the lessattractive women had to add dowries or other monetary offers in order to make the sale. In Rome, Italy, around the time of Christ, auctions were popular for family estates and to sell war plunder.
Records handed down from ancient Greek scribes document auctions occurring as far back as 500 B.C. At that time,women were auctioned off as wives. And, in fact, it was considered illegal to allow a daughter to be “sold” outside the auction method. A “descending” method was used for these auctions, starting with a high price and going lower until the first person to bidwas the purchaser, as long as the minimum price set by the seller was met. The buyer could get a return of money if he and his new spouse did not get along well, but unlike a horse, maidens could not be “tried” before auction. Women with special beauty were subject to the most vigorous bidding and the prices paid were high. Owners of the lessattractive women had to add dowries or other monetary offers in order to make the sale. In Rome, Italy, around the time of Christ, auctions were popular for family estates and to sell war plunder.
Roman Emperor and philosopher Marcus Aurelius sold family furniture at auctions, for months, to satisfy debts. Roman solders sold war plunder at auction. The licensed auctioneer, called “Magister Auctionarium,” drove a spear intothe ground to start the auction. Today we use an auction gavel.Auctions Come to America American auctions date back to the pilgrims’ arrival on America’s eastern shores in the 1600's and continued in popularityduring colonization with the sale of crops, imports, clapboards, livestock, tools, tobacco, slaves, and even entire farms. Selling at auction was the fastest and most efficient way to convert assets into cash. Fur was especially big during this time. In the book “Going, Going, Gone!” Bellamy Partidge say’s “the Bible and the beaver were the mainstays of the Pilgrims, the Good Book saving their souls and the beaver paying their bills.” Initially, the furs were collected from Native Americans in the fall and winter, utilizing the “private treaty” method of exchange for “wampum” ( the Native American word which meant money). The raw pelts (or hides) were transported to the closest shipping port. In the spring of each year, the auction method was used to sell the raw peltries to the European merchants who arranged the transcontinental voyage to the Old World.
Once the ships returned to the port in Europe the peltries were auctioned to manufacturers, who would process them for the retail market. The early fur tradewas chiefly responsible for the settlement and development of North America. Civil War Era Have you ever heard an auctioneer referred to as “Colonel”? It’s a fairly common practice, especially at auction schools across the country This came about during Civil War Era, a time when auctions were beginning to flourish. History has it that the art of auctioneering was a common practice for Civil War Colonels who regularly auctioned offthe spoils of war and surplus. However, only officers of the Colonel rank could conduct them, spawning the use of theterm “colonel” by many auctioneers today.
