Auction History in the United States of America

Auctions: From Ancient Babylon to Modern America

Auction history has been documented across the world as far back as 500 B.C. in Babylon, but in American history, it dates back to the Pilgrims’ arrival in the 1600s. These auctions included the sale of tobacco, slaves, land, and more. It was a quick way to turn assets into cash, much like it is today, but back then it was considered “discreditable.” Now, we see art, cars, trading cards, and other items relevant to today’s society, being auctioned off, and it is considered a legitimate way to sell one’s possessions. It’s an ever-evolving business.

Colonial Debt

Native Americans played a large role in auctions alongside the Pilgrims. They would hunt for furs and sell them to the colonists, who would then turn around and give them to European merchants to auction off back home. This was one way that the colonists helped to pay off the debt they incurred with European investors when struggling to establish themselves in America.

Colonel Auctioneers

In the Civil War Era, auctions really took off. In fact, auctioneers are sometimes referred to as “Colonel” because of the part Civil War colonels played in the auction scene. When they returned from war, auctions were an ideal way to sell seized land and goods. No common soldier could auction these possessions off; it had to be a Colonel. Even after the Civil War, auctioneers chose to dress similarly to Colonels, eventually leading them to be recognized by the public as “Colonel.”

Booming Business to a Financial Drought

The 1800s were considered a great time for farmers to have livestock auctioned off. The livestock being auctioned off were used for everything from producing food to working in farms and industries. As Eudora Welty puts it, “Great numbers were destined for small barns.”

Auctioneering did not always have a strong foothold in the United States, though. The Great Depression was difficult on everyone financially, including auctioneers. While auctioneers did make money off people who had to liquidate their assets, eventually these sources of income dried up and did not return until after World War II.

A Time for Auctioneers to Thrive and Transform

The 1950s were a time of rebounding for the auction market. Real estate was thriving, and auctioned goods were back on the table. This was also a transformation period for the auctioneers themselves. They stopped dressing like colonels and started dressing in business suits and ties. Less traditional, more modern. Auctioneers wanted to foster ties in the business sector with attorneys, bankers, accountants, and more. This required them to dress and act accordingly, proving they were a valuable connection to have.

Their transformation extends beyond their dress, though. In recent decades, we have seen a dramatic shift in the way auctions are handled due to the ever-increasing influence of technology. Computers and cell phones have come a long way, along with the auctioneers who use them. Technology allows auctioneers to take pictures and videos, showcasing their items in greater detail and with more public reach. These pictures and videos are used for marketing online and are utilized in online auctions. It is more imperative than ever for an auctioneer’s business to be technologically-savvy.

A specific example of the power of this technology for auctions is eBay, which became a household name for online bidding after its inception in 1995. All it takes for a bidder to purchase something is creating an account, having some money in the bank, and the desire to bid. Long gone are the days of having to leave your house to find out what specifically is being auctioned out there. Oftentimes, you can find out just from your living room couch!

What’s Next?

In the words of Ralph Cassady JR., “What kind of future can be envisioned for auctioning in the rapidly changing age in which we live?” This question, though asked in the 60s, is still being asked today! Auctions have changed in incredible ways over the centuries, and with rapidly changing technology, who knows where we will be in just 10-20 years? Selling and buying items and properties will continue in American society, but the way we do it will continue to evolve. Perhaps one day, we’ll all be attending auctions in Virtual Reality like the ones hosted by Christie’s!

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