Public sales in which goods or property are sold to the highest bidder. Events where items are offered for competitive bidding.
From Latin 'auctio,' from 'augere' meaning 'to increase,' referring to the increasing bids. The concept dates back to ancient Rome, where auctions were used to sell war spoils and estates. The modern English word entered via Old French 'auction' in the 17th century.
Ancient Roman auctions were so integral to their economy that they even auctioned off the entire Roman Empire in 193 CE when the Praetorian Guard sold it to the highest bidder! Today's online auctions like eBay have democratized this ancient practice, but the psychological thrill of competitive bidding remains unchanged across millennia.
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