by In2assets  |   February 19, 2015

Auction is the oldest and most powerful way of selling

In the Roman Empire the licensed auctioneer, called “Magister Auctionarium,” drove a spear into the ground to start the auction. Today we use an auction gavel or a mouse click to knock down the asset to the highest bidder.

It is well a well-known fact that auctions have touched almost every culture and every industry in all countries of this world and the auction method is dating so far back in history, that no one really knows for sure how they started or who started the auction method says Rainer Stenzhorn Marketing Director of in2assets, a leading South African assets disposal firm. It is definitely proven that the auction way of selling relates to the times where common people could not read or write and value was achieved simply what the highest bidder could afford to pay. Historical records handed down from ancient Greek clerks document, auctions occurring as far back as 500 B.C. At that time, women were auctioned off as wives, and as the archives reveal, it was considered illegal to allow a daughter to be “sold” outside the auction method Stenzhorn continues.

To sell a human being, a “descending” method was used for these public auctions, starting with a high price and going lower until the first person to bid was the purchaser, as long as the minimum price set by the seller was met. The buyer could get his bidding price returned if he and his new spouse did not get along well. Unfortunately unlike a horse, maidens could not be “tried” before they were sold at auction.

When special beauty and the good looks of a woman came in play, like with most precious goods vigorous bidding took place and the prices paid were high. Owners of the less attractive women had to add dowries or other monetary offers in order to make the sale.

In the empire of Italy the precious Rome in and around the time of Christ, auctions were popular for family estates and to sell war plunder. Roman Emperor and philosopher Marcus Aurelius sold family furniture at auctions, for months, to satisfy borrowers.

Roman soldiers sold war plunder which was part of their remuneration at auction to cash in on assets. The licensed auctioneer, called “Magister Auctionarium,” drove a spear into the ground to start the auction. Today we use an auction gavel or a mouse click to knock down the asset to the highest bidder. In today’s world, auction as a preferred way of selling has become the norm and due to IT technology it has become more popular than ever.

However, there is still that stigma or cloud about the word auction when mentioned to prospective sellers.

For some reason the general public tends to relate the word Auction to negative beliefs, such as: Sheriff, bad debts, repossession, liquidation or bank sale. Auction is nothing more than a method of selling and effectively used by many different traders.

The Auction sales establish true value and that is why auction is used by so many different sellers.

In the livestock industry auction is used for generations, and in2assets Auctioneer Andrew Miller is attending to approximately 60 livestock auction annually, which includes cattle, race horses, sheep and occasionally game.

Selling commercial and residential property by way of multiple auctions has been introduced to South Africa around 2004 and has since growing numbers in turnovers and sellers choosing the auction method as the preferred way of selling.

The in2assets auction team has been involved in property auctions from the onset when the first multiple auctions started in South Africa and is proud to have been fundamental in most of the prestigious property transactions in the country.

In2assets is proud to be seen as the national property specialists using the auction method to achieve conclusive transactions by complying with the standards of practice of the South African Auction Industry.

We are very happy to assist any interested party to explain how the auction process works and what to and what not to do at an auction ends Rainer Stenzhorn of in2assets.