1.
Auction
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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 buying the item to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today, participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves, in economic theory, an auction may refer to any mechanism or set of trading rules for exchange. The word auction is derived from the Latin augeō which means I increase or I augment, 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 more common. Indeed, before the century the few auctions that were held were sporadic. Nonetheless, auctions have a history, having been recorded as early as 500 B. C. 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. It was considered illegal to allow a daughter to be sold outside of the auction method, during the Roman Empire, following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. Later slaves, often captured as the spoils of war, were auctioned in the forum under the sign of the spear, 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, One of the most significant historical auctions occurred in the year 193 A. D. when the entire Roman Empire was put on the auction block by the Praetorian Guard. On March 23 The Praetorian Guard first killed emperor Pertinax, then offered the empire to the highest bidder, didius Julianus outbid everyone else for the price of 6,250 drachmas per guard, an act that initiated a brief civil war. Didius was then beheaded two months later when Septimius Severus conquered Rome, from the end of the Roman Empire to the eighteenth century auctions lost favor in Europe, while they had never been widespread in Asia. In some parts of England during the seventeenth and eighteenth centuries auction by candle began to be used for the sale of goods and leaseholds, sometimes, other unpredictable processes, such as a footrace, were used in place of the expiration of a candle. This type of auction was first mentioned in 1641 in the records of the House of Lords, the practice rapidly became popular, and in 1660 Samuel Pepyss diary recorded two occasions when the Admiralty sold surplus ships by an inch of candle. The London Gazette began reporting on the auctioning of artwork at the coffeehouses, the first known auction house in the world was Stockholm Auction House, Sweden, founded by Baron Claes Rålamb in 1674. Other early auction houses that are still in operation include Dorotheum, Mallams, Bonhams, Phillips de Pury & Company, Freemans, by the end of the 18th century, auctions of art works were commonly held in taverns and coffeehouses. These auctions were held daily, and auction catalogs were printed to announce available items, in some cases these catalogs were elaborate works of art themselves, containing considerable detail about the items being auctioned
2.
Dallas
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Dallas is a major city in the U. S. state of Texas. It is the most populous city in the Dallas–Fort Worth metroplex, the citys population ranks ninth in the U. S. and third in Texas after Houston and San Antonio. The citys prominence arose from its importance as a center for the oil and cotton industries. The bulk of the city is in Dallas County, of which it is the county seat, however, sections of the city are located in Collin, Denton, Kaufman, and Rockwall counties. According to the 2010 United States Census, the city had a population of 1,197,816, the United States Census Bureaus estimate for the citys population increased to 1,300,092 as of July 1,2015. In 2016 DFW ascended to the one spot in the nation in year-over-year population growth. In 2014, the metropolitan economy surpassed Washington, D. C. to become the fifth largest in the U. S. with a 2014 real GDP over $504 billion, as such, the metropolitan areas economy is the 10th largest in the world. As of January 2017, the job count has increased to 3,558,200 jobs. The citys economy is based on banking, commerce, telecommunications, technology, energy, healthcare and medical research. The city is home to the third-largest concentration of Fortune 500 companies in the nation. Located in North Texas, Dallas is the core of the largest metropolitan area in the South. Dallas and nearby Fort Worth were developed due to the construction of railroad lines through the area allowing access to cotton, cattle. Later, France also claimed the area but never established much settlement, the area remained under Spanish rule until 1821, when Mexico declared independence from Spain, and the area was considered part of the Mexican state of Coahuila y Tejas. In 1836, the Republic of Texas, with majority Anglo-American settlers, in 1839, Warren Angus Ferris surveyed the area around present-day Dallas. John Neely Bryan established a permanent settlement near the Trinity River named Dallas in 1841, the origin of the name is uncertain. The Republic of Texas was annexed by the United States in 1845, Dallas was formally incorporated as a city on February 2,1856. With construction of railroads, Dallas became a business and trading center and it became an industrial city, attracting workers from Texas, the South and the Midwest. The Praetorian Building of 15 stories, built in 1909, was the first skyscraper west of the Mississippi and it marked the prominence of Dallas as a city
