History, pressent and future of auctions

Currently, local auctions are being held all over the planet. Art market analysis shows that the sales volume of artworks at auctions in Europe extended 3 billion dollars in the last 3 months, as of April 2019.


In terms of auctions, what does the future bring to us?

As we move into the future, technology becomes more on more relevant. It makes our life easier in most cases. Currently if you decide to participate at an auction, you have to buy a flight ticket and visit a local auction. As we however advance with technology, we move local auctions online, so people all over the continent – and soon all over the world – can bid at the same time. The most expensive painting sold at an auction was Salvator Mundi by Leonardo da Vinci (c. 1500) for a price of $450.3 million.

The history of Auctions

The auction is a way of trade in which the buyers “compete with each other” by offering a higher payment for a specific good. The word “auction” comes from the Latin word “actus” that means “increasing”. 
The use of auction is an ancient practice that appears in different historical periods and regions of the world. Moreover, throughout the human history auctions had different purposes. Back to the Roman Empire, for example, there is evidence of auctions aimed to sell women under the condition they would get married following purchase. Another use was to liquidate properties and estate goods. 
An unexpected example of the use of auction was found in China where Buddhist monks used to put on auctions the property of deceased monks. They applied the money for funding the creation of temples. More recently records of auctions reported the auctioning of artwork at coffeehouses and taverns in England during the late 17th-century. In the 18th-century auction houses were created. 
Another important record showed the use of auction in South America when slaves were often sold at auction. The auctions were also used for the sale of food in the 18th-century. In the Netherlands, fruits and vegetables were sold at auction, and in Germany, fishermen began to use auctions to sell their catch when arriving in port. Nowadays all kinds of goods are sold at auction. The practice is most associated with the sale of expensive objects. However, this belief is not true since it is usually easier to close a better deal by buying at an auction.