Word: auction
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Dates: during 1980-1989
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...marine life. The U.S. Geological Survey estimates that the basins contain only about 300 million bbl. of crude, or roughly twelve days' worth of the nation's oil needs. Environmentalists have been joined in the battle to prevent sale by some conservative Republicans, who feel that the auction would be contrary to President Reagan's pledges to share federal power with the states because Watt did not consult officials in Sacramento. California Republican Chairman Dr. Tirso del Junco wrote Watt that pushing the "extremely sensitive" sales would hurt the party in the state, which plans to file...
That marriage, however, is not totally certain. The deal still has to be accepted by stockholders of both Du Pont and Conoco. For two months a flock of suitors had fought over Conoco in a bidding battle as frenzied as an auction for a newly discovered Rembrandt. The other most serious contenders: cash-laden Seagram Co. of Canada, the world's largest liquor distiller, and Texaco, the third biggest U.S. oil firm...
...Investors in 1979 paid about $7,500 for a set of three 1930 U.S. Zeppelin stamps at auction-a big increase over the 1961 price of $175. But this year at a California auction, the stamps' sale price fell...
Last week the large New York auction houses released figures for the 1980-81 sales season, which ends in August, showing a leveling off of once spectacular growth. Christie's reported sales of $130 million, a rise of 15% as compared with 242% last year. At rival Sotheby Parke Bernet, sales were up 20%, to $300 million, less than one-third last year's rate of 66%. "The market is much more selective now," explains Elizabeth Shaw, vice president of Christie's. "People are not just buying because they have nothing else to do with their money...
...collectibles market is now likely to be very unpredictable for investors. As expected, Sotheby's sale last spring of one of Pablo Picasso's self-portraits went for $5.3 million, the highest sum ever paid at auction for one of his paintings. But during that same week, Christie's received only half of the $20 million expected from one of its auctions. Among the unsold works: a still life by Picasso reportedly done...