Did You Know?

The word Auction indeed is really an interesting term. Im also puzzled where it came from. Thanks to Wikipedia, the free encyclopedia I was able to search its definition, terms related with it and a short history of Auction.

“ An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.
There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. Auctions are generally funded by a fee paid by the seller to the auctioneer or auction company.”

And I found out that ancient Greeks are already practicing Auction Method. But the difference from its purpose is that during those times the used Auction for a condition of marriage. It started out way back 500 B.C. in Babylon. Again, many thanks to Wikipedia.

“ Auctioning can be traced as far back as 500 B.C.[1] According to ancient Greek scribes, the more generally accepted auction occurred first in Babylon in 500 B.C. During this period, auctions were held annually, and women were sold on the condition of marriage. It was considered illegal to allow a daughter to be sold outside the auction method. Women with “beauty” engendered higher bidding, women without “beauty” had to pay a dowry to be accepted into the auction, and thus the price would be negative.”

Interesting isn’t it? But its undeniably unfair for those ladies who haven’t blessed with beauty..