Auction Word Origin and History
Auction: “a sale by increase of bids," 1590s, from L. auctionem (nom. auction); "an increasing sale," from auctus, pp. of augere "to increase," (dictionary.com).
Auctions have a long history, having been recorded as early as 500 B.C. During the Roman Empire, following military victory, Roman soldiers would often drive a spear into the ground around the spoils of war that were left, signaling that these items were to be auctioned off. The licensed auctioneer, called a "Magister Auctionarium," drove a spear into the ground to start the auction. Today, auctioneers use an auction gavel.The Romans also used auctions to liquidate the assets of debtors whose property had been confiscated. One of the most significant historical auctions occurred in 193 A.D., when the entire Roman Empire was put on the auction block by the Praetorian Guard.
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