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Examples of this type of auction include: An 18th century Chinese meiping porcelain vase. In 2005, a 14th-century Chinese porcelain piece was sold by the Christie's for £16 million, or US million.It set a world auction record for any ceramic work of art.According to Herodotus, in Babylon auctions of women for marriage were held annually.
Pepys also relates a hint from a highly successful bidder, who had observed that, just before expiring, a candle-wick always flares up slightly: on seeing this, he would shout his final - and winning - bid.
During the American civil war goods seized by armies were sold at auction by the Colonel of the division. The range of auctions that take place is extremely wide and one can buy almost anything, from a house to an endowment policy and everything in-between.
Some of the recent developments have been the use of the Internet both as a means of disseminating information about various auctions and as a vehicle for hosting auctions themselves.
Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first unique price or some other.
Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought.Here is a short description of the most common types of auction.