Word: premiums
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Dates: during 1970-1979
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...into research, grants for young artists or gifts to museums. Says he: "They are simply dealing in commodities." There is a gavel-size black cloud over the Big Two, however. Christie's, closely followed in London by Sotheby's, in 1975 tacked a 10% buyer's premium on all sales (in addition to the average 10% commission charged the seller). English dealers with American backing sued the two firms for collusion and restraint of trade. The case will not even come to trial for an other year; in the U.S., where the same surcharge has been levied...
...ripped-up and lined with drainpipes. Songs of war, songs of peace--songs of love, all. Look at the kids pour down the stairs into the cooker. Before the show, they buy cheap wine and beer at the package store and get pissed before they have to pay premium at the bar. And they sit at the door, exchanging reds and frothy laughter, when the show time nears...
Value-conscious consumers, of course, are not the only people paying premium prices. Some upmarket shopping is strictly self-indulgent and "Me Generation" snobbery. Candy consumption is down, but status-hungry consumers are still gobbling up items like Godiva, chocolates at $12 per lb. L'Oréal hair-care products push the message to shoppers: "L'Oréal is more expensive, and I'm worth it." Still, says Lord & Taylor Chairman Joseph E. Brooks, "I do not think there will be promiscuous luxury buying of gifts...
Under the MIC program, an 18-year-old Hartford fellow just getting a license to drive his new Chevy Citation, for example, pays exactly the same as a 35-year-old Hartford housewife climbing behind the wheel of the same model car for the first time. Drivers will receive premium reductions for each year of accident-free motoring, up to a maximum of five consecutive years. MIC estimates that people under 25 will pay an average of 55% less than they have been paying...
...increase in 1978, and about half of all air travelers now pay discount fares. The flood of flights has overstrained airports, creating booking, check-in and departure delays. Planes are packed, and even first-class seats can be difficult to get because more and more passengers are paying the premium rates to avoid the crowding and hassle of cabin class. But despite this booming business and a 32% increase in basic fares, the airlines are encountering profit problems, chiefly as a result of higher fuel prices. Says Marvin Cohen, chairman of the CAB: "Fuel has been a real bitch...