Word: auctions
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Dates: during 1980-1989
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Christie's was not worried. The British auction house rented London's Royal Albert Hall last week, invited 3,000 guests and started the bidding at $3.6 million. Bids came by phone from two continents. Two minutes later, the gavel came down. Sold, for $9.8 million, the highest price ever paid for a car. The buyer, a London vintage-car dealer named Nicholas Harley, said afterward, "Structurally, it's a work of art. I look forward to driving it." Sure, but keep an eye on those hubcaps...
When the gavel came down and the auctioneer said "Sold," the standing-room- only crowd at Sotheby's in New York City gasped, and then broke into applause. Vincent van Gogh's 1889 masterpiece Irises had just been bought by an unnamed foreign bidder for $53.9 million, the highest price paid for an artwork at auction...
Ford spent his final years living in England and Florida. He joined Sotheby's, the art auction house, as vice chairman, and he sat on the board of directors of a local bank. He continued to work for his old company and at the time of his death was head of the finance committee of the board of directors. To the end, he remained as secure as ever. After all, his name was on the building...
...particularly distressing, though, that those benefited with education through public largesse are so ready to disregard one of the basic conventions of our society--the repayment of debt. From farmers in the Midwest who auction off their land to pay back the banks to struggling young families who slowly make payments on their home mortgage, the less-privileged are more serious in discharging financial obligations...
International art collectors may be surprised at a Christie's catalog this fall. Instead of rare Renoirs, Turners and Manets, they will behold photos and descriptions of shopping malls, office buildings and hotels worth at least $5 million apiece. In November the London-based art auction house plans to team up for the first time with Cushman & Wakefield, a giant Manhattan realty firm, to put some $100 million worth of prime U.S. commercial real estate on Christie's Park Avenue auction block...