The art auction is probably the oldest form of art trade, and has been around since Roman times. The Latin word “auction” literally means “under the spear”, Wikipedia explains it like this:
The word auction has distant historical roots and originally comes from the Latin sub hasta, under spear, due to the fact that the distribution of conquered lands among the participating soldiers was signaled by driving a spear into the lot occupied by lot. Also the sale of the spoils of war was announced with a spear and the sale was made before it.