The First Auction – An Exploration Into the Global Buying-Selling Phenomenon

The first recorded auctions are believed to of occurred in Ancient Greece somewhere around the 500 B.C mark. However they were not quite the cheap t-shirt/fake iPod charger love affair we have with eBay today, something much more sinister was being traded….The Auction Houses initial purpose was for the trade of Women. Beautiful women would often fetch very high prices, whilst less attractive women were bundled together or had added dowries to ensure the sale. The auction process was not identical to ours however, with the Greeks utilising a process we now refer to as Descending Auctioneering. This is were the price starts high and comes down till someone makes the first bid to make them the winner. The Greeks firmly believed the auction process to be a firm part of their society and was so firmly believed in, that it was against the law to sell a woman outside of the auction method.The auction process progressed significantly by the time the new millennium arrived. Roman soldiers would utilise the process to sell war plunder, with Marcus Aurelious being a famous user of Auctions to help satisfy his families crippling debts.Auctions in the UK
The first use of an auction house in the UK was recorded by the Oxford English Dictionary in 1595, however it is almost certain the process had been used in the country for sometime.Auctions were a very pivotal aspect to many settlers in America. Buying pelts and native produce from the Indians gave many the opportunity to auction off these goods to sailors and captains. This in turn would give money to acquire more from the Indians and raise the wealth of the colonies. The notion of auction gave people an exciting business prospect, Auction Houses. Sothebys was founded in 1744 and its neighbour, Christies, 22 years later.However, Auctions were a frowned upon act in the culture of the time. They were often used as a liquidation process, to strip an estate of all its assets, with the owner of the goods often being kept disclose as to save face among social circles.Future of Auctions
Over the years auctioneering has progressed and changed in many ways, and yet today, it remains more popular than ever. Almost everything is available via some sort of auction; livestock, homes, land, business equipment, antiques and many more. Auction houses are a global network, privy to many educational opportunities, to keep ahead of the consumer with product information.The biggest revolution of all in auctions, came when the internet rolled out across the globe. Companies such as eBay and Yahoo Auctions set up almost immediately, making auctions more democratic and readily available to everyone. However, after over 15 years of service, a growing trend of people are starting to become disillusioned with eBay. Many find that prices can match that of a high street retailer or have been caught up in a cyclone of faulty products, foreign buyers/sellers and PayPal payments and stipulations.But what about the auction process? The love is still there; it appears it is human nature to hunt for a bargain. This lull in consumer trust has given the market an exciting opportunity for a string of fresh and new styled online auction houses.Below is a list of websites that beat eBay in terms of range and – Fresh and clean interface. Excellent new – Established firm with bespoke offerings for buyers and – No-nonsense traders – Antiques from across the Nation, incorporates a lot of none-web catalogues.

Buying at Auction? Read This Before You Put Your Hand Up

If you’re selling a home, an auction campaign can be a method that brings an even better result for the sale of your home. However if you speak to those on the market to purchase a new home, you will hear a whole different story. While some love the auction for its transparency, others despise the intense competition and heated emotional responses it can generate.No matter what your opinion on the auction campaign, here are five useful tips to read before you put your hand up.1. Inspect the property more than once before auction dayWhile you will get a chance to inspect the home on the auction day, keep in mind that it will be crowded with many other people looking at the same time. Make sure that you have had a first, and if you decide a second, inspection before the day. This way you will feel more comfortable with the home and its features.2. Read the ContractsAll homes for Auction in Victoria will have a Section 32 Vendors Statement on display on the auction day. It is advisable to read this beforehand though. Request a copy from your agent and have a read through it. It contains important information about zoning, rates, easements, covenants, and caveats. If you are unsure about this, ask for help from your agent or legal representative.3. Have Your Finance Ready To GoWhen you buy a home at Auction you do so unconditionally. This means that the sale cannot be subject to finance or other conditions. Speak to your bank or lender before the auction day to make sure that your finances are in order. Keep in mind that if you buy a home at auction there is no cooling off period available.4. Consider a Building and Pest InspectionIf you are purchasing an older home, or are concerned about pests, consider having an inspection done before the auction. Although this may be a costly exercise, finding out any problems before you place a bid will be well worth your investment.5. Set Your LimitBefore you place a bid at an auction, decide on your maximum price. The competitive atmosphere can prompt you to pay more than you had earlier intended. You may consider having a friend bid on your behalf if you don’t feel comfortable doing so yourself. Having done your area research before hand and visiting other homes on the market can help you to make an educated decision as to the property’s value.