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According to Herodotus, in Babylon auctions of women for marriage were held annually.
Later slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort.
One of the most significant historical auctions occurred in the year 193 A. when the entire Roman Empire was put on the auction block by the Praetorian Guard.
On March 23 The Praetorian Guard first killed emperor Pertinax, then offered the empire to the highest bidder.
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder.
The open ascending price auction is arguably the most common form of auction in use today.