One of the most efficient methods of selling property and goods has been by auction, a system which has operated from ancient times. The word “auction” is derived from the Latin word “auction” meaning of “an increase”, and is defined as “an arrangement for increasing the price by stimulating competition among buyers.

The first record of auctions is found in the writings of Herodotus, a Greek historian who described the Babylonian custom of holding markets at which young people were sold to the highest bidder.

In Ancient Rome, auction was a common form of selling. One of the more notable occurred in 193 AD when the Roman Praetorian Guard offered the Roman Empire to the highest bidder after assassinating the Emperor.

Slave traders, pirates, adventurers, peddlers and merchants have also used auctions to dispose of their various wares, in a short space of time.

Throughout history, different approaches to ending auctions have arisen. Sometime time limits have been imposed, e.g.: a sand glass running out, or a candle melting, say an inch. On other occasions the time being offered, started at a higher price than a buyer was willing to pay and then gradually lowered until a buyer was found. This method is known as a Dutch Auction and is seldom used now except for Charity Auctions.

Today the end of an auction is indicated by the fall of the auctioneer’s hammer or gavel, and the highest bidder at this time becomes the buyer.