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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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IMPLICIT COST An opportunity cost that does not involve a monetary payment or any other form of compensation. The monetary payment that is often made to compensate the person who initially foregoes the satisfaction is not made for implicit cost. There is no payment to transfer the burden of the opportunity cost from the original person to someone else. Implicit cost is also occasionally termed implicit opportunity cost.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself." -- Thomas J. Watson, IBM founder
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AV
Actual Value
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