The first auction was recorded before 500 B.c. Romans and Persians were the first people who founded the auction. Nowadays we do the auction on commercial products, but during the ancient times, auctions were used to sell the slaves, soldiers, and war assets.
Auctions were followed differently in different countries. But it depends upon the people who lives in those countries. Because in the old days, the awareness of education was very low, only some educated people and particular community of people were allowed to do the bidding.
We can classify all those auctions into two categories
- Primary auction
- Secondary auction
Candle auction: This was an auction type which is followed by England people before 18 the century. That is the auction has no timing, it will continue until a lighted candle expires.
Approximately on 193 A.D, there was significant historical auction happened. (i.e) The entire Rome Empire was put into an auction.
We can list the following auctions into primary auctions
- English auction
- Dutch auction
- Blind auction
- Vickrey auction
Each auction type operates in a different manner, Let us discuss them in detail in the following article.