Word: auctions
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FARM AID Saddled with $16 million in IRS debt, country crooner Willie Nelson had to let the agency sell off his 44-acre Texas ranch in 1991. But the auction's winner, who paid $204,000, didn't send Nelson on the road again. He returned the home to the singer, praising Nelson's longtime advocacy of farmers...
...census day for 4 million New Zealanders. While much of the talk around Auckland last week was about ethnic identity and a festival of sport, there was also bright buzz around news of a business deal. The $NZ700 million purchase by Australian media company Fairfax of local online auction site Trade Me had a number of sweet elements. Founder Sam Morgan, 30, a university dropout, was about to become one of the country's wealthiest people. Fairfax's new Sydney-based boss, David Kirk, is a former captain of the All Blacks. And if it seemed almost every computer owner...
...office is decorated with inspiration boards that include photos of a Noguchi sculpture, a Marc Newson sketch and a swatch of gray fabric from a chair in his house. "I'm noticing more organic shapes and more black and white than color right now," he says, flipping through an auction catalog filled with works by American artists like Alexander Calder and Robert Motherwell...
WHAT ABOUT FRAUD? Kate Spade has hired 13 law-school students to sit in front of a computer all day scouring for fakes. When they find one, they shut down the auction with the push of a button. Also, drop shops add a layer of accountability because now there's a real business you can look to if what you get is not what you ordered. You're no longer dealing with a stranger on the other...
...WILL AUCTION CULTURE AFFECT THE LUXURY INDUSTRY? People are going to reach because they recognize that buying better brands is going to be a better value. For example, if you buy a new Bugaboo stroller for $750 and use it for two years, you can resell it on eBay for $550, and your net costs will be less than if you had bought a new $250 stroller and thrown it away. And your child will be much happier. The brands that are going to be hurt by this culture are those in the middle because they won't retain significant...