Shopping at auctions Part-2.

For most people, auctions are ladened with cryptic terminology that has been in use for at least the last few centuries and perhaps even earlier. The earliest known auction was recorded in 480 BC by Herodotus, an ancient historian, who chronicled the marriage auction rituals of the early Babylonians. Furthermore, the term "auction" is derived from the ancient Greek root "auctio" which translates to "increase." The Roman Empire frequently sold booty from defeated enemies via the auction method "sub hasta" or "under the spear" on the battlefield after a military victory.

Savvy bidders know the difference between "reserve" and "absolute." misunderstanding those selling terms can result in the buyer paying an unintended price. A good auction dictionary will inform bidders about all
auction selling propositions that may be encountered at a sale. By law, all auctions are with reserve, in which sellers can establish a minimum sales prices, whereas absolute auctions lots are sold absolute - without minimums - to the highest bidder.

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