Auction

Story of Auction

An auction is “a structured negotiation mechanism by which an economic agent (seller or buyer) places several other agents in competition, for a limited period, with a view to selling or buying goods or services from them. best conditions. The purpose of the auction is to objectively determine the price at which a commercial transaction will be carried out”.

Auctions are mechanisms for allocating scarce resources whose use dates back to antiquity. It is generally accepted that the history of auctions began around 500 BC. J.-C. with the marriage market of Babylon. In his writings, Herodotus describes first-price auctions in which the hands of young women were awarded to the highest bidder.

In ancient Rome, it was common for property confiscated in wars of conquest to be sold at public auction.

The term auctio designated all auction sales, those of individuals and the State, voluntary sales as well as forced sales. Various formalities surrounded them.