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An auction is usually the process of buying and selling goods or services, offering bids, accepting bids, and then selling an item to the highest bidder or buying an item from the lowest bidder. There are some exceptions to this definition, and they are described in the section for different types. The branch of economic theory that studies the types of auction and participants’ behavior is called auction theory.

Open price auction is perhaps the most common form of auction used throughout history. Participants openly place bets against each other, and each subsequent chance must be higher than the previous one. The trader can announce prices; the auctioneer can call their bidders or have a proxy to announce the bids on their behalf, or bids can be submitted electronically with the highest current bids displayed publicly.

Auctions have been and are applied in a variety of trading contexts. This context includes antiques, paintings, rare collectables, expensive wines, merchandise, livestock, radio spectrum, used cars, even emissions trading, and more.

However, auctions have a long history dating back to 500 BC. According to Herodotus, auctions of women for marriage were held annually in Babylon. The auction began with the woman, whom the merchant considers the most beautiful, and moves on to the smallest. It was illegal to allow the sale of a daughter outside of an auction. Attractive girls were put up for auction to determine the price Swain must pay, while in the case of girls who are not attractive, a reverse auction is needed to determine the price Swain must pay.

In the days of the Roman Empire, Roman soldiers often drove spears into the ground after a military victory, around which war trophies were displayed. Later, slaves, often captured as “spoils of war”, were sold at an auction in the Forum under the sign of a spear, and the proceeds from the sale went to military needs.

The Romans also used auctions to liquidate the assets of debtors whose property was confiscated. For example, Marcus Aurelius sells home furniture to pay off debts, and sales last for months. One of the most significant historical auctions took place in 193 AD when the Praetorian Guard auctioned the entire Roman Empire. On March 28, 193, the Praetorian Guard first assassinated Emperor Pertinax and then offered the empire a challenger. Didius Julian outnumbered everyone else at 6,250 drachmas per guard, which marked the beginning of a short civil war. Two months later, Didius was beheaded when Septimius Severus conquered Rome.

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