Word: auction
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...brisk trade has caused supplies to dwindle, bringing shortages that inflate prices even more. At the International Monetary Fund's regular monthly gold auction on Wednesday, there were bids for 1.6 million troy oz., but only 444,000 were available. The shortage has developed in part because the U.S. Treasury decided last May to cut its regular gold offerings to 750,000 oz., a 50% reduction. The supply gap could widen because the IMF gold auctions are scheduled to stop next May, the Soviets have reduced their sales to roughly two-thirds of last year's, and South...
...Seattle. "The only reason I'm paying $40,000 for a paneled room is because it wil help raise my take from $1 million to $2 million." Says Bob Snow, owner of the Rosie O'Grady entertainment-cum-preservation complexes in Orlando and Pensacola: "At the first auction I paid $4,500 for a real historic bar from Chicago. This year ordinary bars are bringing $45,000. 1 don't know whether it's the total devaluation of the dollar or total inflation, or a general dissatisfaction with shoddy material. Some of this is good, beautifully...
Actually you can. The crafts required live on. People in Europe and the U.S. still build paneled rooms and beveled-glass entryways. They have, in fact, built a good many of the lots in this auction. At the back of the hall Marty Duffy of Ely, Iowa, and Roger Wandrey of Portland, Ore., watch in bemused silence as the intricate glass clusters and stained-glass domes that they made are sold. So do not weep for the little old lady whose oak-paneled inglenook - so cozy with a gin and bitters- is now going to be part of a restaurant...
Chris Mortenson, 31, who develops land in Montana and San Diego, buys one of the auction's truly great pieces, a stained-glass dome originally made for a San Francisco Elks' hall. He pays $90,000 but has no special plans...
...flowing strokes and color. Perhaps that was because they saw little of Jeune Marin I; Matisse sold it to Gertrude Stein's brother Michael, who twelve years later sold it to a Norwegian collector. Recently Marin I surfaced at exhibitions in New York and Zurich, a prelude to auction last week at Christie's in London. There, in spirited bidding on the floor and by telephone, the oil was knocked down for $1,584,000, an auction record for 19th and 20th century paintings. Christie's would only identify the successful bidder as being from "across...