It is generally accepted that auctions were recorded as early as 500 B.C. They were Babylonian wedding auctions, held annually, where women were sold for the purpose of marriage. These auctions were of the "descending type" where the offers for the beautiful maidens started high and went down until the bidder accepted the maiden. The "true value" in many cases, related to beauty and the less comely maidens sometimes had to pay a dowry to be accepted. Thus the price could actually be negative figure for the buyer.

Auctions were also used extensively during the Roman Empire. The refinement of the auction process grew to be much more organized and defined. In today's language, the key players became the consignor (the person on whose behalf the property was sold), the organizer (regulator, financial backer), the promoter (advertiser, auctioneer), and the buyer (highest and final bidder). Auctions were held at the "Atrium" for the purpose of selling the "spoils of war" at public auction for the soldiers after a military victory. Business agents were said to have accompanied the warriors into battle in order to facilitate and promote expected sales. (The Latin word for auction is auctus, which means to increase).

The Romans also used the auction to liquidate personal property. Marcus Aurelius is said to have auctioned off prized heirlooms and furniture. It's claimed that that auction lasted over two months.

In the European Middle Ages (the 15th. Century), King Henry V11 of England instituted some of the earliest auction laws, including auction licenses.

In the seventeenth century, auctions were held in taverns and coffee houses to sell art and other collectible items in Great Britain. Announcements of sales devoted to land appeared in the London Evening Post in 1739.

The firm of Sotheby's was established in 1744 and Christie's was founded in 1766.

Soon after the colonization of America, the auction process became the accepted manner 
of selling furs, clapboard, tobacco, corn, and other necessities. As the country developed, settlers on the western frontier bought and sold their land, crops and other items of necessity, to include animals, lumber, horses, debt, credit and, unfortunately, slaves at auction.

Today, auctions are an accepted media where bidders can compete equally and act in their own interest. When you see a car on the highway and it wasn't purchased new from a 
dealer, the chances are that it has been through an auction, maybe several times. Most pieces of used farm machinery go through an auction several times in their useful life. Most farm animals
 go through an auction sometime in their life. When an industrial facility or commercial facility closes down or moves, an auction is almost always involved.

Each year the U.S. Treasury Department offers several trillion dollars of Debt. Thirteen and twenty-six week maturities are auctioned weekly on Mondays. Longer maturities are offered several times each year. Each week the Treasury Department announces the amount of debt it will auction off the next week. The market can be thought of as a "forward" market that serves both to allocate and to evaluate, thus establishing "true market value".

Other items that are auctioned consistently that we pay little attention to as average Americans are Timber, Mineral Rights, Mexican Railroads, Electricity, Radio Frequency's, PCS, Wireless Communications, MMDS, Telecommunications and Microwave point-to-point installations, just to name a few. The market trend for nearly all collectables, from antiques to racehorses, is established through the auction method. Appraisals are based on the value received for a like item at the most recent auction.

When rare art goes under the gavel, the vibrations are felt around the world. The personal effects of the rich and famous, if sold, are marketed at auction. It is the only way to know their true value.

Today, auctions are a part of the American way of life. They fill the buying and selling needs of thousands of people, products and properties. Since many products have their origin on the auction block, no one, regardless of financial status, can escape the effects of auction buying and selling in America. Auctions are recognized as an excellent method of establishing "true market value" and distributing goods, property, and real estate to those who value it most highly.