In auctions, bidders compete with one another in their attempt to 1 purchase the goods that are up for sale • But buyer competition may be reduced or disappear when a ring of colluding bidders is present. The purpose of the participants to a ring is to eliminate buyer competition and to realize a gain over vendors. When all participants are members of the ring, this is done by purchasing the item at the reserve price and splitting the spoils (the difference between the item market value and the reserve price) among the participants. "The term ring apparently derives from the fact that in a settlement sale following the auction, members of the collusive arrangement form a circle or ring to facilitate observation of their trading behavior by the ring leader" (Cassady jr. (1967)). If the coalition members knew other players' values, the problem faced by the ring might be easily solved: the player with the highest value should submit a serious bid and the other members, on the contrary, only phony bids. However, ring participants do not usually know the values of other members. Therefore, ring members have to find out some mechanism which selects the player who has to bid seriously and, eventually, esta blish side payments paid to each of the losers2.

Liza Urla is the author of the jewelry blog, Gemologue https://gemologue.com/tag/jewelry-blog

This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1967.

- Compiled with full access to Christie's famous archives - Reveals the romance, drama, intrigue - even danger - attached to some of the world's most storied jewels - Expertly curating Christie's extensive archives, Vincent Meylan has drawn out the key details of each momentous sale - Stories of the world's great jewelry collections For centuries, the stories of the world's great jewelry collections have lain hidden within the archives of Christie's, the celebrated auctioneers. From the tragic European queens, Mary, Queen of Scots and Marie Antoinette - both beheaded - to Hollywood royalty such as Elizabeth Taylor, the vaults sparkle with the most famous (and occasionally notorious) names of the last 250 years. Following on from the success of his books on Boucheron: The Secret Archives, Van Cleef & Arpels: Treasures and Legends and Mellerio: Jewellers to the Queens of Europe, author Vincent Meylan explores these remarkable jewelry archives, revealing the mysteries within for the first time. Each sale had its intrigue, each its story to tell. The first auction of jewelry from the British royal family took place at Christie's in 1773, after the death of the Princess of Wales, mother of George III. As the archives reveal, in the subsequent centuries, Christie's has been party to the sale of jewelry by several further generations of British royals, from Lady Patricia Ramsay and the Countess of Southesk through to Princess Margaret, Countess of Snowdon. And, in the wake of revolution and regicide further afield, the crown jewels of France, Russia, Bavaria, Serbia, Egypt, India and Spain were all sold at Christie's. Aside from Elizabeth Taylor, the legendary movie star collections of Merle Oberon and Gloria Swanson are also revealed here, as well as the most famous pearls and diamonds in the world; each explored within the context of their owners' remarkable lives. Expertly curating the extensive archives, Vincent Meylan has drawn out the key details of each momentous sale. Original documents from the vaults are reproduced in the book, alongside hundreds of color illustrations of the jewels and their owners.