A wave of popular acceptance and acknowledgement has swept the preconceived, stereotypical images of auctions aside. Scenes of a dark wood-panelled room with chairs lined up in parallel and spotlights highlighting the object up for sale are no longer the only setting for this venerable method of selling.
The process of auctioning is no longer restricted to the here and now. The traditional whack of a gavel to terminate the auction and finalise the sale now represents a much smaller part of modern-day auctioning. After the introduction of phone bidding, allowing the bidder to be present on the phone through a representative, the arrival of the internet produced a sea change in selling. But first, by delving into the history of auctions, we can better understand their development and foundation and how they became what they are today.
Looking into the origins of the word, we see that “auction” derives from the Latin “auctus” which means “increasing”. It might not surprise you that the first recorded auction-esque activity was way back in 500 BC in Greece, where women were auctioned off by their families as brides. The Romans, too, were keen advocates of the auction process, regularly auctioning off the spoils of war, slaves and the assets of debtors. In fact, the entire Roman Empire made its way to the auction block in 193 AD, when the Praetorian Guard killed emperor Pertinax and offered up what was hitherto deemed to be unofferable to the highest bidder.
However, after the fall of the Roman Empire, the popularity of auctions took a dip and dwindled until the 17th century with the rise of candle auctions. At the start of these auctions a candle was lit and the end was determined by when the candle had burnt out. By doing so, no one would know exactly when the last bid could be placed, adding a sense of anticipation to the final fleeting moments of the sale.
Since then, auction houses began to proliferate. The first appeared in 1674, the Stockholm Auction House, Sweden (Stockholms Auktionsverk), followed by Sotheby’s in 1744, now the second largest auction house in the world. Taking its place on the auction podium as the biggest auction house in the world, Christie’s opened its doors in 1766.
The allure and thrill of an auction is well known, with tantalisingly tempting prices for often very rare items, and this is true even more so in this day and age, with a backlash against mass-produced consumerism and the buyers’ desire to purchase rare and individual items at attractive prices. The search for individualistic and quirky, unusual objects has never been so rife.
In recent years, however, even the most traditional of auction houses have recognised the boom in online auctions and are beginning to explore this ever-expanding selling vehicle. The online art auction industry accounted for £2.8 billion of sales in 2014, according to the European Fine Art Foundation, which equated to 6 per cent of worldwide art sales, proving the sceptics wrong and forcing them to admit that online auctions are flourishing in their own right.
One of the newest kids on the block, Catawiki, burst onto the online auction scene in 2008. This Dutch company has claimed the prestigious title of being not Europe’s fastest growing auction house but the fastest growing tech company in the world. No easy feat. By only accepting items above €75 euros (around £63) they can ensure a higher level of quality of the lots that are included in their auctions, with categories ranging from antiques to curios, classic cars to diamonds and model trains to modern art. Catawiki also has more than 170 auctioneers in its armoury who analyse in detail every submitted lot, ensuring that buyers can be assured of the quality and authenticity of the items they bid for.
This surge in the popularity of online auctions is showing no signs of slowing down. With the seemingly unstoppable trend of all markets to switch online, it is only natural that auctions have followed suit, with both buyers and sellers now using the online route for the best prices and ensuring that as many people as possible are aware of what might be going under the hammer. A key part of the process is communication with the target audiences and auction cataloguing – something in which Catawiki excels.
Going once, going twice, sold!
To find a globally-curated mix of vintage fashion, jewellery, furniture, art, classic cars and rarities including old vinyl records, coins and comics, visit catawiki.com