Word: auction
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Dates: during 1970-1979
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...wine lovers around the world, a momentous annual ritual is the wine auction in the Burgundian city of Beaune. Technically, it is a charity sale: for the past 127 years, the auction has been the principal source of support for the Hospices de Beaune, a hospital that has been in continuous operation since 1443. In practice, the sale of wine from its Premier and Grand Cru vineyards is a closely watched price barometer for all Burgundies. At this year's auction, in a hall bedecked with medieval tapestries, the needle shifted to "stormy...
...million debt owed to the Cleveland Electricity Illuminating Co. The privately owned utility sells power to the public Municipal Light Co., which resells it to 46,000 customers. Last spring C.E.I, got federal marshals to begin tagging pieces of city property for sale at auction to satisfy the bill. The private utility has offered to buy out Muny Light, but Kucinich has refused, arguing that it provides a competitive check that curbs rate hikes by C.E.I...
...literally a day for the books. In addition to the Puzo package, Koster was chasing rights to publish works by Franz Kafka. She was outbid by Pocket Books, who paid $210,000. The Prague pension clerk would have been fascinated by the rituals of a modern paperback auction. He had envisioned the adrenal new world in his novel Amerika. But could he have imagined that he would be in six figures...
...settle for a 50-50 arrangement. The novelist expects to take his $1.5 million share in chunks spread over five years. With 10% going to his agent and approximately half of the rest for taxes, he should eventually pocket at least $500,000 from the record $2,550,000 auction...
...hyperthyroid auction era arrived in 1972, when Avon Books spent $1 million for Thomas Harris' I'm Okay, You 're Okay. Bob Woodward and Carl Bernstein's All the President's Men sold for $1 million in 1974; two years later their The Final Days fetched $1,550,000. Other notable $1 million-plus books include Erich Segal's Oliver's Story ($1,410,000), E.L. Doctorow's Ragtime ($1,850,000), Dorothy Uhnak's The Investigation ($1,595,000), William Safire's Full Disclosure ($1,375,000) and McCullough's phenomenal The Thorn Birds, which nearly broke...