Word: underbidding
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Dates: during 1960-1969
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...price before the sale even begins. Of all the great auction houses, Parke-Bernet probably has the best record in keeping the bidding free, but the competition from abroad could well force it to change its ways. Recently Parke-Bernet began to permit sellers to buy back underbid works without paying a full commission. When it went after the Erickson collection, it had to compete with Sotheby's guarantee that the auction would bring a certain amount. Parke-Bernet dislikes the whole idea of guarantees; it got the job only by cutting its own commission...
...Army and the other services are forbidden to transport troops by military aircraft in the continental U.S. on the theory that the airlines need the business. The law also permits nonscheduled airlines such as Imperial to bid for service contracts and because the penny-skimping nonskeds can generally underbid the bigger airlines, they usually get the contracts. Eleven of the nation's nonskeds get the bulk of their business from carrying troops...
...Kwame Nkrumah's Ghana, the Ghana National Construction Co.-owned 60% by the government and 40% by the Israeli Federation of Labor-has consistently underbid the onetime top contractor, British-owned Taylor Woodrow. Its latest job: a $5,000,000 international airport at Accra...