Word: auction
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...prime reason for the disappointment was that the auction houses had placed vastly inflated reserves, or minimum acceptable bids, on their paintings. Says Richard Feigen, an international art dealer: "Their estimates and reserves are now insane, sometimes double what the market will bear." Prices for older masterpieces are expected to hold up well. Van Gogh's Portrait of Dr. Gachet should bring more than $40 million at auction this week. Other safe bets: 20th century classics (Picasso, Matisse) and postwar Americans (Jackson Pollock, Mark Rothko). But experts think prices will soften dramatically for paintings by some young superstars (David Salle...
GOING, GOING . . . Thanks to flattening real estate prices, more desperate homeowners are putting their property up for auction. Bargain hunters often get so caught up in the frenzy of bidding that prices can match or exceed the expectation of sellers. This year some $20 billion worth of houses are expected to be gaveled down, roughly twice the total of a year...
...fashion shows have been an extremely productive way to find new homes for youngsters who would otherwise be hard to place. Already, prospective parents have made serious inquiries about more than half the children who participated. But some critics say that Penney's method is offensively reminiscent of an auction. To which Ermon replies, "I would love it if we didn't need to recruit for foster and adoptive families. But the reality is we have more children than we have families...
...that so many Easterners close themselves to the Midwest. When they get a glimpse of happenings in Iowa, it is either watching Field of Dreams on videotape or Dan Rather--looking spiffy in a Golden Acres Seed cap--interviewing a tearful Iowan whose family farm is going on the auction block...
...Bolshevik fusillade in 1918, but their Crimean wine cellar and attendant vineyards lived on. In 1922 Stalin added to the former imperial wine collection by rounding up bottles from other czarist palaces. Last week many of those rare dessert wines finally fell into capitalist hands. On Sotheby's London auction floor, Western wine dealers ponied up $1,074,544 for 13,000 bottles of the Romanovs' best...