CARRIAGE TRADE: What Am I Offered?

The auctioneer, resplendent in morning coat and wing collar, said: "I am offered 1,000 guineas for lot 11." In the front row, a bidder merely lifted his finger to raise the price to 1,500 guineas. Near him another deliberate finger went up, and the bid rose to 2,000. Thus calmly and decorously went the biggest art auction of the year, held in London by Christie, Manson & Woods—the world-famed "Christie's."

On the block were about $200,000 worth of paintings, including items from the collections of Lord Halifax, Lord Winterton and the estate of the late Lord Rothermere. As usual, Sir Alec...

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