Word: auction
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...Nieuport 28, Pfalz D-XII and Fokker D-VII. And right near by sat a green and cream Sopwith Camel-the type that downed the Red Baron-with a cutout figure of that daredevil, Snoopy, as the Baron's fearless foe, everyone surely knows. The occasion: an auction of 29 veteran and vintage planes, from a tricycle-wheeled 1910 Parker Curtiss Pusher to such recent classics as World War II fighters...
...might never get to the races. So Owner Peter Fuller decided to get rid of him. He changed the horse's name from A.T.'s Image (after Fuller's father, former Massachusetts Governor A. T. Fuller) to Dancer's Image, and put him up for auction. The bidding reached $25,000, stopped-and, just as the gavel was about to fall, Fuller had a change of heart. After bidding $26,000 himself, he paid the auctioneer's 10% commission and took the animal back...
Given the volatility of the stock market and the tremors shaking the dollar, the art market today lures ever more investors. And Sotheby's of London stands ready to meet the demand. In a three-day sale last week, the world's top auction house knocked down 388 impressionist and modern paintings, drawings, and sculptures, including 34 Picassos, nine Klees, 13 Rodins, nine Légers, seven Pissarros, seven Juan Gris. Total gross: $5,374,479.60, or half again the previous record for a single auction, set by Manhattan's Parke-Bernet Galleries (a Sotheby affiliate) earlier...
...free-market auction," as Innovator Lapin calls it, will begin May 6 as only the first phase of the shake-up he has devised for Fannie Mae. Last week the Senate Banking Committee gave tentative approval to an Administration-backed bill that would convert the agency's main operation into a completely private company. If the bill passes, Fannie Mae will buy back the $142 million of its preferred stock now held by the U.S. Treasury. "We don't need the Treasury's money," says Lapin. Ultimately the corporation would be controlled by its 9,598 private...
...Auction in Reverse. Now, Lapin expects to free Fannie Mae from such problems. Instead of buying (and selling) loans at a preset-and infrequently changed-discount, it will hold a weekly auction in reverse. Bidders will not be buying, but competing for the right to sell Fannie Mae loans at some future time. Thus the private market will set the price, or discount, while FNMA controls the volume of its business probably $40 to $50 million a week.' For loans on new or used houses, the association will accept bids to deliver mortgages within either three or six months...