Auctioneer
During the Roman Empire , following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. Later slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort.
The Romans also used auctions to liquidate the assets of debtors whose property had been confiscated. On 28 March , the Praetorian Guard first killed emperor Pertinax , then offered the empire to the highest bidder. Didius Julianus outbid everyone else for the price of 6, drachmas per guard, [ citation needed ] an act that initiated a brief civil war. Didius was then beheaded two months later when Septimius Severus conquered Rome. From the end of the Roman Empire to the eighteenth century auctions lost favor in Europe, [8] while they had never been widespread in Asia. In some parts of England during the seventeenth and eighteenth centuries auction by candle began to be used for the sale of goods and leaseholds.
Sometimes, other unpredictable processes, such as a footrace , were used in place of the expiration of a candle. This type of auction was first mentioned in in the records of the House of Lords. Pepys also relates a hint from a highly successful bidder, who had observed that, just before expiring, a candle-wick always flares up slightly: The London Gazette began reporting on the auctioning of artwork at the coffeehouses and taverns of London in the late 17th century.
Christie's , now the world's largest auction house, [12] was founded by James Christie in in London [14] and published its first auction catalog in that year, although newspaper advertisements of Christie's sales dating from have been found. By the end of the 18th century, auctions of art works were commonly held in taverns and coffeehouses. These auctions were held daily, and auction catalogs were printed to announce available items. In some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned. At this time, Christie's established a reputation as a leading auction house, taking advantage of London's status as the major centre of the international art trade after the French Revolution.
During the American Civil War , goods seized by armies were sold at auction by the Colonel of the division. Thus, some of today's auctioneers in the U. The development of the internet, however, has led to a significant rise in the use of auctions as auctioneers can solicit bids via the internet from a wide range of buyers in a much wider range of commodities than was previously practical. In some countries, such as Australia , auction is a common method for the sale of real estate.
The law does not require a vendor to disclose their reserve price prior to the auction. During the 's and 's, auction became the primary method for the sale of real estate in the two largest cities, Melbourne and Sydney.
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This was largely due to the fact that in a private sale the vendor has disclosed the price that they want, and potential purchasers would attempt to low-ball the price, whereas in an auction purchasers do not know what the vendor wants, and thus need to keep lifting the price until the reserve price is reached. The method has been the subject of increased controversy during the twenty-first century as house prices sky-rocketed.
The rapidly rising housing market saw many homes, especially in Victoria and New South Wales, selling for significantly more than both the vendors' reserve price and the advertised price range. Subsequently, the auction systems' lack of transparency about the value of the property was brought into question, with estate agents and their vendor clients being accused of "under-quoting". Significant attention was given to the matter by the Australian media, with the government in Victoria eventually bowing to pressure and implementing changes to legislation in an effort to increase transparency.
There are traditionally four types of auction that are used for the allocation of a single item [ citation needed ]:. Most auction theory revolves around these four "standard" auction types.
However, many other types of auctions exist, including:. The range of auctions that take place is extremely wide and one can buy almost anything, from a house to an endowment policy and everything in-between. Some of the recent developments have been the use of the Internet both as a means of disseminating information about various auctions and as a vehicle for hosting auctions themselves.
Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction.
The number of simultaneous bidders is of critical importance. Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value. Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy. Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final winning bid has become a binding agreement.
Prices are bid by buyers and asked or offered by sellers. Auctions may also differ by the procedure for bidding or asking, as the case may be:.
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Auctions may differ as to the price at which the item is sold, whether the first best price, the second price, the first unique price or some other. Without modification, auction generally refers to an open, demand auction, with or without a reservation price or reserve , with the item sold to the highest bidder. Auctions are publicly and privately seen in several contexts and almost anything can be sold at auction. Some typical auction arenas include the following:. Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level.
auctioneer
Examples of this type of auction include:. Katehakis and Puranam provided the first model [62] for the problem of optimal bidding for a firm that in each period procures items to meet a random demand by participating in a finite sequence of auctions. In this model an item valuation derives from the sale of the acquired items via their demand distribution, sale price, acquisition cost, salvage value and lost sales. They established monotonicity properties for the value function and the optimal dynamic bid policy.
They also provided a model [63] for the case in which the buyer must acquire a fixed number of items either at a fixed buy-it-now price in the open market or by participating in a sequence of auctions. The objective of the buyer is to minimize his expected total cost for acquiring the fixed number of items.
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Bid shading is placing a bid which is below the bidder's actual value for the item. Such a strategy risks losing the auction, but has the possibility of winning at a low price. Bid shading can also be a strategy to avoid the Winner's curse. This is the practice, especially by high-end art auctioneers, [64] of raising false bids at crucial times in the bidding in order to create the appearance of greater demand or to extend bidding momentum for a work on offer.
To call out these nonexistent bids auctioneers might fix their gaze at a point in the auction room that is difficult for the audience to pin down. In fact, an auctioneer may bid up the price of an item to the reserve price, which is an unstated amount the consignor will not sell the item for. However, the auction house is required to disclose this information. In the United Kingdom this practice is legal on property auctions up to but not including the reserve price, and is also known as off-the-wall bidding.
Whenever bidders at an auction are aware of the identity of the other bidders there is a risk that they will form a "ring" or "pool" and thus manipulate the auction result, a practice known as collusion. By agreeing to bid only against outsiders, never against members of the "ring", competition becomes weaker, which may dramatically affect the final price level. After the end of the official auction an unofficial auction may take place among the "ring" members. The difference in price between the two auctions could then be split among the members. This form of a ring was used as a central plot device in the opening episode of the British television series The House of Caradus , 'For Love or Money', uncovered by Helena Caradus on her return from Paris.
A ring can also be used to increase the price of an auction lot, in which the owner of the object being auctioned may increase competition by taking part in the bidding him or herself, but drop out of the bidding just before the final bid. In Britain and many other countries, rings and other forms of bidding on one's own object are illegal.
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This form of a ring was used as a central plot device in an episode of the British television series Lovejoy series 4, episode 3 , in which the price of a watercolour by the fictional Jessie Webb is inflated so that others by the same artist could be sold for more than their purchase price. In an English auction, a dummy bid is a bid made by a dummy bidder acting in collusion with the auctioneer or vendor, designed to deceive genuine bidders into paying more.
In a first-price auction, a dummy bid is an unfavourable bid designed so as not to become the winning bid. The bidder does not want to win this auction, but he or she wants to make sure to be invited to the next auction. In Australia, a dummy bid shill , schill is a criminal offence, but a vendor bid or a co-owner bid below the reserve price is permitted, if clearly declared as such by the auctioneer. Yeggs, jackrollers, footpads, and more. How we chose 'justice'. And is one way more correct than the others? How to use a word that literally drives some people nuts.
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Test your vocabulary with our question quiz! Recent Examples on the Web Toyosu, which looks more like a modern warehouse, opened last week with the traditional pre-dawn tuna auction accompanied by the rhythmical shouts of auctioneers. Move of Japan fish market could have been better," 16 Oct. Auctioneer-turned-congressman drones her out. First Known Use of auctioneer circa , in the meaning defined above. Learn More about auctioneer.
Resources for auctioneer Time Traveler! Explore the year a word first appeared. Dictionary Entries near auctioneer au courant auction auction bridge auctioneer auction forty-fives auction house auction market. Time Traveler for auctioneer The first known use of auctioneer was circa See more words from the same year. English Language Learners Definition of auctioneer. Kids Definition of auctioneer.
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