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An AUCTION is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder.

In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

The Romans also used auctions to liquidate the assets of debtors whose property had been confiscated.

For example, Marcus Aurelius sold household furniture to pay off debts, the sales lasting for months.

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