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In some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned. The development of the internet, however, has led to a significant rise in the use of auctions as auctioneers can solicit bids via the internet from a wide range of buyers in a much wider range of commodities than was previously practical.
At this time, Christie's established a reputation as a leading auction house, taking advantage of London's status as the major centre of the international art trade after the French Revolution. In 2008, the National Auctioneers Association reported that the gross revenue of the auction industry for that year was approximately 8.4 billion, with the fastest growing sectors being agricultural, machinery, and equipment auctions and residential real estate auctions.
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Each type of auction has its specific qualities such as pricing accuracy and time required for preparing and conducting the auction.For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities.In practice, both haggling and sale by set-price have been significantly more common.According to Herodotus, in Babylon auctions of women for marriage were held annually.The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least.
The London Gazette began reporting on the auctioning of artwork at the coffeehouses and taverns of London in the late 17th century.