The word “auction” derives from the Latin word “auctus,” which means “increasing"
v Records handed down from ancient Greeks document auctions occurring as far back as 500 B.C. In Rome, around the time of Christ, auctions were popular for family estates and the selling of war plunder. One of the most significant historical auctions occurred in 193 A.D. when the Praetorian Guard put the entire Roman Empire on the auction block.
Candles were used in the 1700s at auctions to declare the winner. If you were the high bidder at the time when the candle extinguished itself, you won the auction.
America’s first president, George Washington, was an avid auction buyer.