-
What Is An Auction?
An auction is a way of buying and selling where people compete by making bids for an item. The item is usually sold to the bidder who offers the highest price, although some auction types work differently. Here are the most common types: How a typical auction works Common examples Auctions are popular because they let the market determine the price based on demand, which can benefit both buyers and sellers depending on the level of competition.
-
Fine French Wine Sells at Auction for Record £424,000
Only 600 Made in 1945 by Romanee-Conti A bottle of French wine has fetched a record-breaking $558,000 (£424,000) at an auction in New York, and is considered to be the best Burgundy wine. Exceeded Expert Valuation The 1945 Romanee-Conti sold for 17 times its upper estimate of $32,000 at Sotheby’s in New York on Saturday.The previous record for a standard wine bottle was $233,000 – an 1869 Chateau Lafite Rothschild sold in Hong Kong in 2010.But the record for any size is $310,700 for a three-litre 1945 Mouton-Rothschild in 2007.The 1945 bottle is one of just 600 made that year by Romanee-Conti, considered to be the best Burgundy wine.It is produced…