Word: auction
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...journalist, Demarest has savored vicariously the indulgences of the moneyed, covering such gathering places of the wealthy as Manhattan's Palace Restaurant, where he attended a $500-per-head prix fixe dinner; the Duke of Bedford's bashes; and sundry Sotheby sales, where the rich auction off their baubles. One millionaire Demarest met lived on the ocean liner Ile de France-crossing and recrossing the Atlantic. Demarest speculates that the eccentric bon vivant, keeping up with the times, now lives aboard a Concorde. "Of the newly rich people I have known, few seemed really fulfilled," says Demarest. "Others...
When he came up for auction at a 1975 summer sale of Kentucky yearlings, he was just Hip No. 128, an anonymous colt with an awkward bearing and a slightly skewed front foot. He was gaveled off at the paltry price, by thoroughbred standards, of $17,500, and led away to his new owners, Karen and Mickey Taylor. It seemed hardly an auspicious union-an unassuming yearling and a stable whose racing silks were just two years and a handful of horses...
...outcome of the auction indicates that poor quality teams regard the addition of a star to their roster as a necessary and valuable ingredient in the formula to win more ballgames. And, for baseball, unlike exciting games like football or hockey, winning draws the crowds. Therefore, if a 20-game winner or a .300 hitter is worth $400,000 to a team, in terms of the spectator patronage generated by the improved club record (and there is every indication that this is true), a $200,000 a year salary, although admittedly a colossal amount, is hardly outrageous or ludicrous...
...excitement of the current paper chase. Behind the talk of versos and rectos is the awareness that big money is moving into the market. Disenchanted with stocks, wealthy investors have sought to beat inflation with old books. Connecticut Businessman Jonathan Goodwin, whose books were sold at the record-breaking auction, at least tripled his investment...
...flight. Land that was selling for $600 or $700 a year ago is now carrying price tags of $5,000 an acre and up (to a high of $25,000 an acre). William O. Cochran, a farmer who moved with his family to Plains three years ago, attempted to auction off publicly his 1,056 acres after an expensive publicity buildup. Cochran received a high bid of $1.2 million, but mysteriously refused...