Word: auctioned
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...outlets that are not conventionally thought of as investments: gems, rare stamps and coins, furniture, even whisky bottles. Max Martin, an insurance salesman in San Rafael, Calif, got out of the market in 1973 and into diamonds. Says Keith Harmer, vice president of H.R. Harmer Inc., an international stamp auction house: "Starting about five years ago, people began spending big money on stamps $20,000 to $25,000. They'd sell their stocks, but keep their bonds." One handicap to both investments: retailers can place such a high markup on both diamonds and stamps that the buyer...
Moreover, under Witteveen's direction, the IMF is selling 25 million oz. of its gold at public auction, with the profits earmarked for dispersal to underdeveloped states. (The gold was part of the entry subscription demanded of IMF members, who are assessed roughly on the basis of their gross national product and balance of payments accounts...
...aspiring-and perspiring -Ulysses, clad in bright gold-fabric armor. Would-be Legionnaires-all male -captained chariots crafted from barrels and aluminum sheeting, drawn by teams of giggling girls. Chauvinistic? Perhaps, but the girls didn't mind. Nor did they balk at a slave auction, in which the prettiest sold for up to $50 in aid of a book fund. Successful bidders got a coed for the day to rub their backs, feed them grapes at a Roman banquet that night-and do whatever else that might pass by the watchful chaperones...
...surface, such a venture seems nothing short of fiscal madness. For every dream horse like Seattle Slew (auction price: $17,500; payoff on the Triple Crown races alone: $462,380), there are thousands of also-rans and tens of thousands of never-rans. As a rule, only 5% of the more than 30,000 thoroughbreds foaled each year will ever earn their keep on a race track. Fully 65%, in fact, are high-priced, slow-footed dreams deferred that will retire without a single trip to the post. But if the pie is quite high...
...railroad money and new fast-food money, Saudi sheiks and Japanese transistor magnates, Texas oilmen and British noblemen, not to mention the usual clutch of Whitneys and Vanderbilts. Around the barns of the great breeding farms-Spendthrift, Claiborne and the like-and under the canopies covering the caviar at auction-weekend parties, the talk was peppered with the names of sires: What A Pleasure, Round Table, Sir Ivor, Northern Dancer. A casual comment about one filly brought the quick question: "How was she bred, ma'am?" The equally quick answer: "By Secretariat out of Crimson Saint by Crimson Satan...