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SOTHEBY'S: An English auction house founded by Samuel Baker in 1774. Originally, Sotheby's activities as an auctioneer focused on books. Today the company, which is one of the leading auction houses internationally, has expanded its scope to cover all areas of fine art, antiques, jewelry and real estate. On each sale, Sotheby's collects commissions and fees from both the buyer and the seller. In addition to auction operations, Sotheby's is also involved in a number of related activities, including the purchase and resale of art and other collectibles and the brokering of art and collectible purchases and sales through private treaty sales.
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COMPETITIVE MARKET A market with a large number of buyers and sellers, such that no single buyer or seller is able to influence the price or control any other aspect of the market. That is, none of the participants have significant market control. A competitive market achieves efficiency in the allocation of scarce resources if no other market failures are present.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for strangers with large satchels of used undergarments.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾" -- Carrie Fisher, actress, writer
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GDI
Gross Domestic Income
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