- Jean Andreau
An auction is a type of sale consisting of a public competition between several buyers; whoever bids the highest price obtains the object being sold. Such auctions existed in the Greek as well as in the Roman world. Some were organized by the public authorities, while others were organized by individuals selling some of their goods at auction. In Roman Italy, these private auctions served a commercial function. In addition, they facilitated the sale of guarantees for unrepaid loans; likewise, they facilitated the management of private inheritance and estates. Between the 2nd century bce and the 3rd century ce, professional bankers regularly participated in these private auctions by providing credit to the buyers.