The London Gazette began reporting on the auctioning of artwork at the coffeehouses and taverns of London in the late 17th century.
This type of auction was first mentioned in 1641 in the records of the House of Lords.
On March 23 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.
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.