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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.

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During the American civil war goods seized by armies were sold at auction by the Colonel of the division. The range of auctions that take place is extremely wide and one can buy almost anything, from a house to an endowment policy and everything in-between.

Some of the recent developments have been the use of the Internet both as a means of disseminating information about various auctions and as a vehicle for hosting auctions themselves.

The practice rapidly became popular, and in 1660 Samuel Pepys's diary recorded two occasions when the Admiralty sold surplus ships "by an inch of candle".

Pepys also relates a hint from a highly successful bidder, who had observed that, just before expiring, a candle-wick always flares up slightly: on seeing this, he would shout his final - and winning - bid.

Sometimes, other unpredictable processes, such as a footrace, were used in place of the expiration of a candle.

This type of auction was first mentioned in 1641 in the records of the House of Lords.

Where there are few bidders and each bidder is allowed only one bid, time is saved, but the winning bid may not reflect the true market value with any degree of accuracy.

Of special interest and importance during the actual auction is the time elapsed from the moment that the first bid is revealed to the moment that the final (winning) bid has become a binding agreement.

On 28 March 193, 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.

Without modification, auction generally refers to an open, demand auction, with or without a reservation price (or reserve), with the item sold to the highest bidder.

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