Roman History and Historiography

An auction is a type of sale consisting of a public competition between several buyers; whoever bids the highest price obtains the object being sold. Such auctions existed in the Greek as well as in the Roman world. Some were organized by the public authorities, while others were organized by individuals selling some of their goods at auction. In Roman Italy, these private auctions served a commercial function. In addition, they facilitated the sale of guarantees for unrepaid loans; likewise, they facilitated the management of private inheritance and estates. Between the 2nd century bce and the 3rd century ce, professional bankers regularly participated in these private auctions by providing credit to the buyers.

Arising from the agrarian and domestic contexts of classical antiquity, the notion of “frugality” (frugalitas) was a positive, desirable, and in many respects distinctively Roman concept that generally refers to a set of practices, ethical principles, and cultural and moral values pertaining to the production and consumption of resources. Closely related to this more general category is the concept of “parsimony” (parsimonia), which, as one type of frugalitas, is properly concerned with the prudent and judicious management of property and wealth. Both concepts tend to be associated with temperance and moderation (moderatio; cf. Gk. sophrosyne) and are often framed in opposition to “luxury” (luxuria) and “greed” (avaritia). Partly as a response to perceived increases in social ills and partly under the influence of Greek philosophy, the moral connotations of frugalitas and parsimonia become increasingly pronounced over time and are variously embraced by later Christian writers. Prominent historical exempla for these important Roman concepts include L. Calpurnius Piso Frugi, M.’ Curius Dentatus, and Cato the Elder.

Roman attitudes to wealth were complex and sometimes ambivalent. Wealth was an essential basis for political and social life, but also a topic of extensive debate, which focused on the proper uses of wealth and the proper ways of attaining it. These moral, philosophical, and literary debates had practical implications for how the Romans spent their wealth and how they acquired it.