Despite determined efforts by the auctioneer, Henry Wyndham, it raised just one lacklustre bid at the reserve price, selling to Franck Giraud, a New York-based dealer.
It was the second time the site was up for auction after United Utilities tried to sell it last year but the reserve price was not met.
Of the 31 pictures on offer at King Street, two were withdrawn before the sale started and six were bought in when buyers sat on their hands and bidding failed to reach the reserve price.
Since July this year, Art Auction Guarantee, a company founded in 2011, have offered buyers of art at auction a guarantee that, for a percentage of the acquisition price (5% to 7.5%), they will get back what they paid for the piece if it is resold at auction after two years or more and fails to make the reserve price.
The Dow sunk one more time, all the way to 770 in 1982, when the Federal Reserve began targeting the price of gold in monetary policy and the big Reagan tax cuts started to phase in.
Earlier this summer, there was some speculation that Obama was going to dip into the Strategic Petroleum Reserve to lower the price of gasoline temporarily.
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To command the Federal Reserve to pursue price stability alone is to create the preconditions for macroeconomic disaster.
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Alan Greenspan, chairman of the Federal Reserve, has said the high oil price is partly to blame for weakening consumer spending, which fell by 0.7% in June.
The consigner I heard turned apoplectic as there was no reserve price put on the piece.
But in 1979, Paul Volcker, then chairman of the Federal Reserve, stomped on inflation and the price of gold fell sharply.
Bids on that block are still 10% below the FCC's reserve price.
The borough said it would now consult with the Museums Association and Arts Council England on whether an auction was the best way forward, subject to the statue reaching its reserve price.
Later in the week, however, price skidded, after the Federal Reserve opted to only extend Operation Twist.
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For the next 18 years, the Federal Reserve loosely followed a de facto price rule by targeting commodity prices including the price of gold and the foreign exchange value of the dollar.
If a house does not reach its reserve price, the vendors may negotiate with the highest bidders afterwards.
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FIIs can also invest in unlisted securities outside stock exchanges, subject to approval of the price by the Reserve Bank of India.
Skeptical, or simply embittered over the reserve accounting scandal, investors price Shell at only 9 times trailing earnings, versus 11 and 12 for its two larger rivals.
Aside from the fact that it is limited, no president is going to squander all the reserve for short-term price pressure, since it was built for serious strategic security purposes.
President Bush could help to once and for all pop the oil-price bubble by selling oil from the Strategic Petroleum Reserve on a more regular basis.
But even here, 16 of the lots failed to reach their reserve price.
They left out works put up for auction that failed to fetch their reserve price the auctioneer's lowest acceptable bid for the work.
By manipulating interest rates on such an unprecedented scale the Federal Reserve has effectively destroyed the ability of our credit markets to genuinely price the borrowing and lending of money.
The plunge in the price of gold is the best indicator that the Federal Reserve has stumbled into a serious tightening of credit that will genuinely harm us and the rest of the world if it is not corrected.
The Federal Reserve was obliging rule-based behavior that probably included making the price of gold a primary determinant in monetary policy.
The Humphrey Hawkins Act of 1978 made the Federal Reserve responsible for creating the monetary means to achieve full employment while maintaining price stability.
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Of course, there's one sure-fire way to slow the price surge: The Federal Reserve could prop up the dollar, oil's currency.
For instance, there could be price pullbacks if the Federal Reserve were to disappoint the market and not signal any further monetary easing over the coming weeks or if European officials should not come up with any measures to help debt-plagued nations.
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"To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities, " the FOMC says, adding it will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.
The April Consumer Price Index (CPI) and the minutes from the April Federal Reserve meeting will be released on Wednesday.
The Federal Reserve, alarmed at the relentless downward pressure on business' ability to profitably price its products and services, recently declared its concern about deflation.
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