Domestic Encyclopædia (1802)/Auction

AUCTION, a public sale for the disposal of household goods, books, plate, landed estates, &c. By this method of sale, the highest bidder is always the purchaser. The origin of sales by auction is very ancient; for among the Romans it was performed by the public crier sub hasta, i. e. under a spear erected on that occasion; and the goods purchased, were delivered by a magistrate. In the year 1777, the auctioneers residing in London were subjected to a tax of 20s. per annum, and a duty of 6d. was paid for every 20s. arising by sale of furniture, fixtures, &c. and of 3d. in the pound by the sale of freehold or copy-hold estates. In 1787, the duty was increased to 10d. in the pound on furniture, &c. and to 6d. in the pound on real property.

As this method of selling goods appears to be rather founded on the principle of competition, than that of choice, it certainly deserves every encouragement in a commercial country: hence it were only to be wished, that government might be enabled totally to suppress those mock-auctioneers who infest several streets of the metropolis, and use every artifice to entice and deceive the unwary, especially the harmless visitors from the country.