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Sterling silver serving sets from Prohibition times are coveted among collectors, and this set — hailing from an estate in Baltimore — sold for nearly $3,000 at auction. 10. Fitzgerald’s ...
Jeff Koons' porcelain Pink Panther was estimated to fetch a value of up to $30 million, but only achieved just over half that. [8] Louise Bourgeois holds the record ($32.1 million in 2019) for Spider, the highest price paid for an attributable sculpture by a woman (since the sculptor of Guennol Lioness is unknown). [9]
Thus it is a dominant strategy for a buyer to drop out of the bidding when the asking price reaches his or her valuation. Thus, just as in the Vickrey sealed second price auction, the price paid by the buyer with the highest valuation is equal to the second highest value. Consider then the expected payment in the sealed second-price auction.
In 1999, for instance, Michael Jackson purchased the best picture Oscar given to producer David O. Selznick for 1939's "Gone With the Wind" at auction for $1.54 million.
Predatory pricing is a commercial pricing strategy which involves the use of large scale undercutting to eliminate competition. This is where an industry dominant firm with sizable market power will deliberately reduce the prices of a product or service to loss-making levels to attract all consumers and create a monopoly. [1]
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The idea involves overflowing an enemy economy with fake money so that the real value of the money plummets. During the Seven Years' War of 1756 to 1763, Prussia disrupted the economy of the Polish–Lithuanian Commonwealth (ruled by King Augustus III , simultaneously Elector of Saxony) by minting counterfeit Polish coins. [ 15 ]
In Roman times, the price ratio was set at 12 (or 12.5) to 1. [10] In 1792, the gold/silver price ratio was fixed by law in the United States at 15:1, [11] which meant that one troy ounce of gold was worth 15 troy ounces of silver; a ratio of 15.5:1 was enacted in France in 1803. [12]