On this day the first-ever wine auction was held at Garraway’s Coffee House, Change Alley in London. In that period most trades for commodities and shares took place in coffee houses and Garraway’s was no exception. In fact, Change Alley, formerly Exchange Alley would later become the London Stock Exchange. The auction itself was a candle auction. Unlike today where the highest bidder wins, in a candle auction the winner was the last person to make a bid when the flame on an inch-long candle finally burnt out. Twice destroyed by fire, first in 1666 (the Great Fire of London) and again in 1748, Garraway’s was rebuilt and continued to host exchange activities until it was finally closed and demolished in 1866 when the great alterations in Change Alley were carried out.
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