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On 28 March 193, the Praetorian Guard first killed emperor Pertinax, then offered the empire to the highest bidder.Didius Julianus outbid everyone else for the price of 6,250 drachmas per guard, In a candle auction, the end of the auction was signaled by the expiration of a candle flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid.Examples of this type of auction include: An 18th century Chinese meiping porcelain vase. In 2005, a 14th-century Chinese porcelain piece was sold by the Christie's for £16 million, or US million.It set a world auction record for any ceramic work of art.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.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.
Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the 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.
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.