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Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy.Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has become a binding agreement.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.The number of simultaneous bidders is of critical importance.Open bidding during an extended period of time with many bidders will result in a final bid that is very close to the true market value.Christie's, now the world's largest auction house, By the end of the 18th century, auctions of art works were commonly held in taverns and coffeehouses.These auctions were held daily, and auction catalogs were printed to announce available items.
In economic theory, an auction may refer to any mechanism or set of trading rules for exchange. In 2007, a Roman-era bronze sculpture of "Artemis and the Stag" was sold at Sotheby's in New York for US.6 million, by far exceeding its estimates and at the time setting the new record as the most expensive sculpture as well as work from antiquity ever sold at auction.Without modification, auction generally refers to an open, demand auction, with or without a reservation price (or reserve), with the item sold to the highest bidder.Although less publicly visible, the most economically important auctions are the commodities auctions in which the bidders are businesses even up to corporation level.In some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned. The development of the internet, however, has led to a significant rise in the use of auctions as auctioneers can solicit bids via the internet from a wide range of buyers in a much wider range of commodities than was previously practical.At this time, Christie's established a reputation as a leading auction house, taking advantage of London's status as the major centre of the international art trade after the French Revolution. In 2008, the National Auctioneers Association reported that the gross revenue of the auction industry for that year was approximately 8.4 billion, with the fastest growing sectors being agricultural, machinery, and equipment auctions and residential real estate auctions.