Monday, May 27, 2013

Italian Auction

A rare Chinese Ming Vase is up for auction. The bidding opens at a half-million Euro. Bidding is brisk and each bidder is clearly identified as each raises the bid by 100,000 Euro. (The exchange rate at auction time was 1 Euro = $1.43.) Within seconds, the bid stalls at one million Euro, and the gasp from the crowd identifies the excitement that prevails in the room. The successful bidder is the last one who bid one million, and the auctioneer counts down the bid, "Going once, going twice, and sold to the gentleman sitting in front of me for one million Euro."

Now, you are going to have to see the video for yourself. The auctioneer is exuberant. The pace is fast. This is how an auction should be run. Note the excitement on the auctioneers face after the final bid.

Email from Woo Young Kim

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