London Tea Auction

London Tea Auction was a significant event in the tea trade industry that took place in London, United Kingdom. The auction was a central part of the global tea trade and played a crucial role in determining the price of tea worldwide.

History

The first London Tea Auction was held on 1st June 1679, in Leadenhall Market, a covered market in London. The auction was initially held once a year, but due to the increasing demand for tea, it eventually became a regular event.

Procedure

The London Tea Auction was a public auction, where different types of tea were sold to the highest bidder. The auction was conducted by a auctioneer, who would describe the tea being sold and then accept bids from the audience. The highest bid accepted by the auctioneer was the winning bid, and the bidder would then be required to pay for and collect the tea.

Closure

The London Tea Auction was closed in 1998 due to changes in the tea trade industry. The rise of direct sales between tea producers and buyers, as well as the increasing use of online auctions, made the traditional auction format less viable. The last London Tea Auction was held on 29th June 1998.

Legacy

Despite its closure, the London Tea Auction has left a lasting legacy in the tea trade industry. It is often cited as a key factor in the development of the global tea market, and its influence can still be seen in the way tea is traded today.

See also

• Tea in the United Kingdom
• History of tea
• Tea trade