Word: auctioneers
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Dates: during 1970-1979
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...find out who is buying, where and why. Such intelligence enables the bank to be extremely precise in its own actions. Says Schreiber: "Even after we submit written bids, we usually adjust them by a few cents via Telex right down to the deadline." At the U.S. Treasury auction last month, Dresdner's bid came in just high enough to win, and a Swiss competitor's offer failed by only 20? per oz. One clear moral: private investors who hope to benefit from the bullion boom will have a hard time matching wits against the professionals...
...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...
...Treasury's auction late in August, Schreiber bid $301 per oz. for gold that had been selling the day before at $299; Dresdner acquired 720,000 of the 750,000 oz. that were on sale. Many competitors thought that Schreiber had paid too dearly, but as of last week Dresdner and its customers had earned more than $23 million on those transactions...
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31, who develops land in Montana and San Diego, buys one of the auction's truly great pieces, a stained-glass dome originally made for a San Francisco Elks' hall.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...