Iraqi auction

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An Iraqi auction is the oldest and original type of Auction, dating back to 500 BC in Mesopotamia. Whereas a modern English auction involves a valuation or estimate and the setting of either a minimum bid or a SOB (Suggested Opening Bid), the auctioneer in an Iraqi auction does not attempt to guide the bidders in any way. This type of auction is still being used in certain situations, particularly involving forced sales or when other types of auctions have proved to be unsuccessful. For voluntary sales from 1490 to 1674 often a Candle auction was used and later mostly an English auction.

[edit] Further reading

• Milgrom, Paul (2004). Putting Auction Theory to Work, 384 pp. Cambridge University Press. ISBN 0-521-53672-3.