On This Day: 3 June 1703

On this day in 1703, an auction was held at the Skinners’ Hall on Dowgate Hill of drugs and other goods, the cargo of the Scipio. The goods could be viewed at Major Long’s warehouse in Seething Lane. There was a second sale of pepper and coffee from the same ship on the same day.

Both auctions where In Time which was probably what was also called a Clock Auction. In a Clock Auction, prices start a minimum value (similar to a reserve at modern auctions) and increase automatically by a fixed amount each time period. Bidders drop out as the price exceeds what they are willing to pay.

Alternatively, and auction In Time may have been a Scottish Auction in which all bid have to be received by a given time.

 

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