Word: auction
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Dates: during 1950-1950
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Thompson has probably done more than anyone else to make Herefords the highest-priced cattle breed. In the last 42 years Auctioneer Thompson has knocked down $250 million worth of cattle at more than 7,000 sales all over the U.S. His record $506,000 for a single day's selling, set at the auction of Colorado Rancher Dan Thornton's Hereford herd in 1947, still stands (TIME, Oct. 6, 1947), as does the $65,000 bid at which he sold the prize bull Baca Duke II last year. Only eight Hereford bulls have ever been sold...
...practiced the auctioneer's spiel as he did his farm chores, at 19 apprenticed himself to an auctioneer for three years, at nothing a year, and became an expert judge of fine cattle. "Doctors may make mistakes, patients die, and laymen don't know why," explains the colonel. "But on the auction stand you're talking to men who know as much...
...makes a wire recording of everything he says on the block, refunds the buyer's cash if he has misrepresented an animal in any way. At 64 the colonel is still going strong, this week drove 200 miles to preside over an auction near Denver. Says he: "If I could have looked ahead and seen the long trips, and sleepless nights, I might have thought better of that walking cultivator...
...Meegeren died about a month after the trial, and last week his remaining paintings went up for auction. Together with his Amsterdam house and furniture, they brought only 242,000 guilders as against creditors' claims of some 5,000,000 guilders ($1,315,800). One of the highest bids, $800, was for a seventh "Vermeer" entitled Christ in the Temple, which Van Meegeren had painted after his confession (see cut) to prove to some still unconvinced experts that he had actually forged the previous ones...
...good for Australia, such prices were bad news to U.S. woolen mills, which can expect even higher prices this fall when they start bidding for fine-grade apparel wool (last week's auction was mostly limited to grade B stock). The U.S. will import more than 300 million Ibs. of wool this year; textile manufacturers fear that the skyrocketing wool prices will boost the cost of woolen cloth by about $1 a yard, tack an extra $5 on a man's good-quality suit by next spring. And last week the tight-squeezed wool market got ready...