Webster's Online Dictionary
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Specialty Expressions: INCH OF CANDLE

ExpressionsDomainDefinition
Inch of CandleLiterature1: "Down were tumbled miracle and martyr,
2: (Sold by). A sale by auction. Instead of the hammer of the auctioneer concluding the bids, the purchaser was the last bidder before the candle went out. Another plan is to stick a pin in a candle, and when the pin drops down, the sale of the article is concluded.
3: Peter Pindar: Lyric Odes, xiii.
4: Put up in lots, and sold by inch of candle." Source: Brewer's Dictionary.

Source: compiled by the editor from various references; see credits.

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