When talking about auctions, the first thing that comes to mind is either art works that are auctioned off at Christie’s, for example or farm animals during country fairs. An auction is a process of selling off goods and properties to prospective buyers who outbid each other. The one who offers the highest price gets the item. But did you know that the first “items” held for bidding were women as “brides”?

The first recorded auctions were as early as 500 B.C. when annual auctions were held in Babylon where women were auctioned off for marriage. For many cases, beauty is related to the “true value” so the least comely maidens have to pay a dowry to be “bought”. It was said that it was illegal to sell daughters off outside of the auction process.

By the rise of the Roman Empire, the auction process had become more organized and more refined. Auctions were held at the ‘Atrium’ where soldiers sold the so-called ‘spoils of war’ and the proceeds of the sale went towards the war effort. The Romans also used auctions to liquidate personal property like heirlooms and furniture to pay off debt. However, it wasn’t until the 15^th century when formal auction laws and auction licenses were instituted by King Henry VII of England. Auctions were held in taverns and coffee houses by the 17^th century where art and other collectible items were sold. Land-related sales appeared in the London Evening Post by the year 1739. Later, the firms Sotheby’s and Christie’s were founded in 1744 and 1766, respectively.

Soon after the colonization of America, necessities like furs, wooden boards, tobacco and corn were sold through the auction. As the country further progressed, settlers on the western frontier bought and sold their land, crops, animals, lumber and even slaves through auctions.

These days, auctions are generally accepted venues where bidders can equally compete and act on their own interest. Cars, farm equipment, industrial or commercial facilities can now all go through auction where the so-called “true market value” of things are established.