Word: auctioning
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...million. But with the deal market in a slump, there have been few takers and even fewer good offers. To attract buyers, the Maxwells have practically had to conduct a fire sale, selling assets for only a fraction of their worth. The Official Airline Guides has been on the auction block for months, for instance, but its likely buyer, Britain's Reed International, will probably not pay more than $500 million. Maxwell paid $750 million for the guide three years ago. Now even some of the deals thought to have been completed are in doubt. Last week company executives reported...
...auction market may be faring poorly this season, but over the years an insatiable demand for artworks and antiquities has kept the price trajectory rising well above the rate of inflation. What used to be upheld as things of beauty or objects of veneration are increasingly traded like zero- coupon bonds or pork-belly futures. According to U.S. government estimates, "art theft is a $2 billion-a-year business," says Constance Lowenthal, executive director of the nonprofit New York-based International Foundation for Art Research. "But it could be much larger." Trace, a three-year-old British magazine that tracks...
...within the art world. Richard Volpe, who was an ace art detective with the New York City police for 25 years, contends that "the least guilty of all parties are the thieves." These "mules," he insists, "couldn't do it without the cooperation of gallery owners, flea- market purveyors, auction houses, museums, insurers, security companies, collectors and finally law-enforcement agencies. Everyone else either knowingly or through neglect gives the thief...
More than a few Maxwell assets are probably headed for the auction block. Within days of his death, Maxwell Communication agreed to sell a 56% stake in Berlitz International to Japan's Fukutake Publishing for $265 million. But there is concern that the easy asset sales may all have been done, says Jeff Matthews of the New York City firm Rocker Partners, which has in the past sold short Maxwell stock. "Future sales might be distress sales," Matthews suggests...
...sold ice cream freezers, sinks, cash registers--everything was sold," said Edward F. Smith, auctioneer for Avenue Auction Sales...