Word: auction
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...past six months have seen some of the highest prices ever paid for works of art. From this ebullience one might deduce a healthy art market. In fact, the market is utterly schizophrenic. Living artists and their dealers are the casualties; dead artists and auction houses have been the beneficiaries...
...amplified announcements by Humorist Art Buchwald, in full ringmaster's regalia. Seven of Ethel's eleven offspring were on hand, and so was Uncle Ted-Ted Kennedy, the painter, that is. Next day, his painting Red Shack brought the high bid of $3,000 at an art auction in Boston for the benefit of the Kennedy Library Fund (seascapes by his sisters, Patricia Lawford and Jean Smith, fetched only $1,500 and $900 respectively). The purchaser was Miami Millionaire Ollie Cohen. Said Ted: "I'm sure he bought the artist and not the name...
Part way through Heublein Inc.'s third annual wine auction in San Francisco last week, Auctioneer J. Michael Broadbent apologized for being unable to distribute samples of his next offering, Lot No. 56. He did not have to explain why. Lot No. 56 consisted of a single 24-ounce bottle of Château Lafite, vintage 1846, that was described as "quite unfaded and fantastic." After several minutes of quiet, tense bidding, it was sold to Laurence Bender, a 25-year-old officer of Boston's venerable wine and spirits merchants, John Gilbert Jr. Co. The price...
Spirited Selling. Heublein, which in recent years has bought several wineries in California's Napa Valley, stages its auctions to promote the expanding U.S. wine market (TIME, March 1), which has grown by 60% in total sales during the past decade. The price of rare wines, both foreign and domestic, is apparently rising even faster. Last week's auction grossed more than $230,000 (v. $55,000 and $106,000 in 1969 and 1970), and many lots fetched four to five times the price that Heublein's experts had expected. Broadbent, wine director of London...
...notions that great wine does not travel well, that very old wine fades almost immediately upon opening (some proved better several hours after being uncorked), and that white wine does not last more than seven years (one case of 1928 white Bordeaux brought more than $1,300 at the auction...