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date: 31 October 2020

auctionslocked

  • Jean Andreau

Summary

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.

Extract

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.An auction is a procedure consisting of a public competition between several potential buyers. It was a common practice in Greco-Roman antiquity. The object being sold was awarded to the highest bidder, and he alone paid the object’s full price to the seller. Scholars do not know when auctions first began. They are well attested in the Classical Greek period, as well as in the Hellenistic world and in Rome. In Roman Italy, Plautus and Cato the Elder (in .

Subjects

  • Economic History
  • Ancient Roman History

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