Auctioned: meaning, definitions and examples

Etymology

• The word comes from the Latin 'auctio', which means 'increase', hinting at the raise in bid prices.
• The term was first recorded in the English language in the 16th century, marking the beginning of formal auctions.
• In the early days, auctions were often held in person, where bidders raised their hands to place bids.

Cultural Significance

• Auctions have been depicted in various cultures, like in Shakespeare's plays, showcasing their long-standing importance in society.
• In some cultures, auctions are a traditional way to sell livestock and handmade goods, often at local fairs.
• Charity auctions are popular events where items are auctioned to raise money for a good cause.

Modern Usage

• Online auctions have revolutionized the way items are bought and sold, making it possible to bid from anywhere.
• Sites like eBay popularized the auction format, allowing everyday people to buy and sell everything from antiques to electronics.
• Auction houses, like Sotheby's and Christie's, have become famous for selling high-value art and collectibles.

Psychological Aspects

• Bidding in auctions can create excitement and competition, attracting bidders to outbid each other even beyond their original budget.
• The concept of 'winner's curse' occurs when a winning bidder realizes they overpaid, resulting in feelings of regret.
• Psychologists study how emotions play a role in bidding behavior, noting that people often bid more when they feel a connection to the item.

Legal and Ethical Issues

• There are regulations in place to prevent fraud during auctions, ensuring fairness in the bidding process.
• Ethical concerns can arise in art auctions regarding the provenance of items, ensuring they are not stolen or illegally obtained.
• Online auctions are also under scrutiny for issues like shill bidding, where sellers inflate prices with fake bids.

At rank #26,248, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.

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• 26245 untutored
• 26246 enumerator
• 26247 legibly
• 26248 auctioned
• 26249 drenching
• 26250 sensitizing
• 26251 turgid
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