The auction was led by Antiquorum Auctioneers, the international auction house that specializes in timepieces.
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But international auction firms like Sotheby's and Christie's until now have been restricted from holding sales within China.
The increased loss is partially attributable to higher general and administrative expenses and lower auction commission revenues, the international auction house said.
The international auction house said the first quarter is traditionally a loss period because of the seasonal nature of the art auction market.
For the year, the international auction house said it had the best financial results in its 268-year history, with the exception of its record year in 2007.
It was the first time ever an international auction house had held a jewelry sale in the Middle Eastern tourist and retail mecca, and the second sale of art.
While the Chinese government has barred foreign auction firms in the country, domestic companies have flourished, with Beijing Poly International Auction Co. and China Guardian Auctions Co. becoming the world's third- and fourth-largest houses, ranking after Sotheby's and Christie's.
Auctioneers Ludgrove's International had planned to auction the cap in London next month, but substantial private offers hastened an immediate sale.
An unnamed bidder is trying to take over London-based Christies International , the world's leading auction house.
England players were not involved in the auction last year because of international commitments and will be restricted to half this year's tournament because of the home Test series against the West Indies in April and May.
Why not auction the credits off to the highest international bidders?
All proceeds from the auction will finance research, organize scientific roundtables and fund International Collaborative Effort (ICE).
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"I'd been waiting for this auction for 25 years, " Anthony Philips, the international director of silver and Russian works at Christie's, told Forbes.com.
The auction for the beach takes place on 9 May at the St Mellion International Resort in Cornwall.
Nacho Figueras, the Argentinian polo icon and face of the Ralph Lauren Black collection, will join you and a guest for lunch and a day at the U.S. Open at the International Polo Club if you are the highest bidder at the Ralph Lauren Pink Pony Auction.
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Proceeds from the auction will go to The RFK Center for Justice and Human Rights, an international nonprofit founded as a memorial to Robert F.
"We implement our international obligations to protect endangered wild animals, and we have always honoured our international obligations, " China's foreign ministry spokeswoman Jiang Yu told reporters as the auction opened.
This week's court-enforced auction of a hulking concrete pile in the heart of Prague belonging to one of them, the International Union of Students, was halted amid squabbles among its dozens of creditors.
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