10 Fun FACTS about Auctions
The word “auction” derives from the Latin word “auctus,” which means “increasing.
In 2006 someone tried to sell New Zealand by auction on Ebay. True story! The bidding reached $3000 before it was removed for violating Ebay's T&C's. Party poopers.
Auctions were recorded as early at 600BC and instead of using a gavel the auctioneer would use a spear to start the auction.
In England the first auctions were undertaken using a candle. The bidders would rush to get their bids in before the candle melted and hit the ground. The last bidder was declared the winner.
The world's oldest auction house, Stockholms Auktionsverk, was founded in 1674 in Sweden. It is still operating today.
When emotion is engaged buyers historically will pay more at auction than they originally intended. See No 10!
The entire Roman Empire was bought at auction by Didius Julianus in 193 AD. Essentially, he was buying the throne. He was assassinated just 66 days later.
The most expensive house to sell PRIOR to auction in Queensland sold for $42,000,000 on the Gold Coast.
Boomerang, a waterfront mansion in Sydney’s Elizabeth Bay, was the first house in Australia to sell for more than $1 million.
In 2020 a house in Sydney sold for $24,600,000 smashing its reserve by more than $10,600,000. Wow!!
Whether you are buying or selling at auction or just curious about the auction process you can download my FREE E-Book titled Understanding Auctions. A Guide Book for Buyers & Sellers. Download Here https://grant-barnett.ck.page/
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