Word: auctioner
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People are listening to the Sage of Omaha again. The man whom many consider to be the greatest investor of all time--Buffett once raised $210,000 at a charity auction for his 20-year-old wallet, with a stock tip inside--fell into disfavor in the late '90s. He was criticized for avoiding tech shares when they were soaring, and for clinging to big positions in stocks like Coke and Gillette after they had peaked and were driving down the market value of his company, Berkshire Hathaway...
...best portal for the small retailer? Surprisingly, it may be auction powerhouse eBay. Originally a place to sell knickknacks and collectibles dug out of your basement, it is now seen as a cost-efficient place for small retailers to sell new merchandise, either at auction or for a fixed price. Just $9.95 a month buys a basic storefront; an additional $40 buys some featured placements. Some big retailers pay more for prominent displays, but they account for just 5% of the $14.9 billion worth of goods sold on the site last year. That makes eBay "the most democratic place...
...study—which focused on the popular auction Web site—was authored by Ramsey Professor of Political Economy Richard J. Zeckhauser ’62 and two University of Michigan professors, and suggests that eBay sellers with long-standing, positive reputations can sell more items and charge higher prices...
...Online auction-goers searching eBay can bid on items ranging from automobiles to ant farms, and afterwards both buyers and sellers rate each other according to the smoothness of the transaction and the quality of the auctioned goods. The ratings are then made available to future eBay surfers...
This is not the Taubman family’s first run-in with the law. A. Alfred Taubman is currently serving out a sentence for price fixing while he directed the Sotheby’s auction house...