Word: auction
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...Michael Jackson has decided not to block the auction of some of his vintage memorabilia, including the handwritten lyrics to ABC, his black silk jacket with gold sequined epaulets and a drawing of a young boy dated 1994. Blogsite DEFAMER cheekily predicts a potential result at the auction: "Sold! To the lady in the back row with no nose!" SCORE...
Ticketmaster has the most ground to cover in the red-hot resale market. The secondary market for online sports and entertainment tickets--on websites such as StubHub, RazorGator and TicketsNow--has grown to an estimated $3 billion since 2000. The industry leader, StubHub, operates as an open auction, taking a surcharge on each sale. Popular events go for incredible amounts--$10,287 for Super Bowl XLI and $5,500 for Elton John's 60th-birthday bash--but there are also bargains to be had from season-ticket holders, for example...
...attract interest, but fans end up paying an average of 45% above face value for resold tickets, according to a study by Alan Krueger, economics professor at Princeton University. Sites like StubHub are, in effect, helping to determine the correct price for tickets; even Ticketmaster now uses an auction to price some premium seats. For music fans, that means the days of camping overnight for a front-row ticket are truly over. But they'll pay a little more for the privilege...
...Asylum and Chapel at Saint-Rémy had been confiscated by the Nazis from their ancestor, who fled Germany in 1939. Taylor insisted the work had passed through two Jewish art dealers without any sign of coercion before she paid $257,000 for it at a 1963 Sotheby's auction...
...cost carriers was supposed to simplify prices for everyone, but that hasn't happened. "People are suspicious," he says, "and wonder what kind of game is being played because they don't understand what the system is designed to do." Ideally, he says, airlines would have an auction at the gate for every seat on a flight; those who absolutely had to fly would pay the most...