Word: auction
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Dates: during 2000-2009
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...million Winning bid for Boy with a Pipe, an early work by Pablo Picasso, making it the most expensive painting ever sold at auction...
...million The old record price, paid by a Japanese billionaire in a 1990 auction for Van Gogh's Portrait of Dr. Gachet...
...their attempt to create a corporate utopia, founders Sergey Brin and Larry Page are creating two stock classes--one for themselves and one for the rest of us, who must bid through what's known as a Dutch auction. For a variety of reasons, it's not a stock you need to rush...
Perhaps the biggest red flag is the auction that Google will use to distribute shares. The process allows all investors to enter a bid. That's fairer than most IPOs, in which only the well-connected get a chance. But unlike a typical auction, in which the highest bid sets the price for all shares, Google's reserves the right to add more shares, which would lead to a lower per-share price. Why do such a thing? To make sure the IPO price doesn't hit an unsustainable level--a risk at any fevered auction...
...says Steven Tuen, a co-manager of the Kinetics Internet Fund, "I see no urgency to bid." The typical IPO sold at auction rises less than 7% the first day. So there isn't a lot of risk in simply waiting for trading to begin. By then you'll know who sold what, and you just might get a better price...