Tag: auction

  • Par ko lag gaye par; auction of most expensive feather in the world

    Par ko lag gaye par; auction of most expensive feather in the world

    An ancient bird’s feather has been auctioned for a whooping USD 28 thousand 365 (more than PKR 79 lakh).

    The feather of the Huia bird of New Zealand has earned the title of the most expensive feather in the world. The bird was known for its chirping and had black and white stripes on its tail.

    It was last seen in 1907, but scientists believe it went extinct in the 1920s.

    However, on Monday, 116 years after the last confirmed sighting of the bird, the huia feather was sold at Webb’s Auction House in Auckland.

    The auction house did not release details of the person who bought the feather, only saying that the person is from New Zealand.

    The bird is an extinct species now and when it was put up for auction, it was expected to sell for $2,000 to $3,000.

    Going beyond expectation, it broke the record of $8,400 that was set in 2010 that too with a bird’s feather.

    The one that has been auctioned now weighs 9 grams and thus has become more valuable than gold because the price of one gram of gold is 127 dollars while the price of one gram of silver is 5169 dollars as per The Guardian.

  • Chief Justice Qazi Faez Isa nay Mercedes neelami pay lagga dee

    Chief Justice Qazi Faez Isa nay Mercedes neelami pay lagga dee

    Chief Justice of Pakistan Qazi Faez Isa, has ordered that two luxury vehicles, allocated for his use by both the federal and Punjab governments, should be auctioned, as per Geo News.

    The decision comes as Chief Justice Isa deems the allocation an “inappropriate splurge of scarce public resources.”

    The Supreme Court registrar communicated the Chief Justice’s decision through a letter addressed to the federal government, cabinet secretary and Punjab chief secretary.

    The letter revealed that in September 2020, the apex court purchased a new Mercedes Benz, 2996 CC sedan for the Chief Justice at the cost of Rs61 million.

    Furthermore, the Government of Punjab provided a brand new bullet-proof Toyota Land Cruiser with registration number LEG-S00 for the use of the Chief Justice of Pakistan.

    The vehicle is currently stationed at the Supreme Court Rest House in the Government Officers Residence (GOR), Lahore.

    The communication emphasized that, by established rules, every judge of the apex court is entitled to two vehicles.

    “Justice Isa has not used the said Mercedes sedan nor the Toyota Land Cruiser,” said the letter. It further stated that it is an “inappropriate splurge of scarce public resources to buy imported luxury vehicles for the use of constitutional and public office holders”.

    “Therefore, these vehicles may be collected and auctioned and the money realised from the sale be spent on much needed public transport,” said the letter.

    Justice Isa took oath as the 29th CJP in September of this year after his predecessor Umar Ata Bandial hung up his robes.

    Justice Isa’s tenure as the country’s chief justice, however, will be quite brief, as he is set to retire from the position on October 25, 2024.

    He took oath as the apex court’s judge on September 5, 2014.

  • Markhor hunting permit auctioned for $212,000

    Markhor hunting permit auctioned for $212,000

    Khyber Pakhtunkhwa’s departments of Climate Change, Forestry, Environment and Wildlife Department on Monday auctioned four liscences for the hunting of Kashmir Markhor in Chitral and Kohistan districts with the highest ever bid recorded at $212,000. The bids for the second, third and fourth were $185,000, $135,900 and $135,000 respectively.

    A week ago, on October 26, the bid for hunting the prized Astore Markhor was conducted in Gilgit Baltistanunder GB Forest, Park and Wildlife Department, which fetched a record $186,000. This was followed by $181,000 for second, $177,000 for the third and $171,000 for the fourth.

    The national animal of Pakistan, Markhor, found in the Northern Areas of Khyber Pakhtunkhwa and Gilgit Baltistan, is a species at near risk of extinction. Trophy hunting programs are conducted to help the local communities preserve the species and it’s habitat.

    80 per cent of the proceeds go to the development of local communities, their education and healthcare while the remaining is deposited into government’s treasury.

    However, Wildlife and Climate experts are extremely critical of these trophies for they believe that this is worsening the already dreadful condition of rare species. Even though the Hunting Guidelines specify that only old Markhors are to be hunted to make room for younger ones to procreate, violations of these rules are often observed in the form of killing of young species and the use of inappropriate weaponry.

  • Historic Pakistan embassy building in the US capital sold for $7.1 million

    Historic Pakistan embassy building in the US capital sold for $7.1 million

    After several months of persistent efforts, Pakistan has successfully sold a historic building in the United States capital for $7.1 million. The vacant property, which had remained unoccupied since 2003, was recently acquired by a Pakistani entrepreneur named Hafeez Khan.

    The government of the District of Columbia had reclassified the building owned by the Pakistan Embassy, resulting in an increased tax assessment on its value. This decision was taken as the building had significantly deteriorated over time.

    Known as the R Street building, this establishment once served as a chancery. It was put up for auction in late 2022, and the Pakistani government received three bids. However, the entire bidding process was later canceled by the Pakistani authorities without providing any explanation. The highest bid received for the property was $6.8 million, and its prime location in the heart of the city added to its desirability. Prior to the auction, the building had been evaluated at $4.5 million on an “as is” basis, serving as a benchmark.

    The building has remained unoccupied for well over a decade, and its diplomatic status was revoked in 2018, subjecting it to local government taxes. Furthermore, the local authorities downgraded the property’s status earlier this year, which placed additional financial burdens on the national treasury.

    In accordance with building codes, the real estate classification system consists of four categories: Class 1 denotes improved residential real property used exclusively for non-transient residential dwelling purposes, Class 2 signifies commercial property, Class 3 represents vacant property, and Class 4 designates blighted property.

    According to The News, official documents from the District of Columbia indicate that the Pakistani government did not receive any tax relief for the property starting from 2018. Consequently, the building was initially categorised as Class 2 in 2018 and 2019 due to its commercial nature. However, it was later reclassified as Class 3 between 2020 and 2022 due to its vacancy. In April 2023, the property’s classification was further downgraded, designating it as Class 4 due to its deteriorated condition.

    The Department of Buildings of the local government determines a building as blighted if it poses a threat to the community’s health, safety, or general welfare, such as being unsafe, unsanitary, or otherwise hazardous. This determination is based on several factors, including whether the building is boarded up, if its doors, windows, and other openings are weather-tight and secure, if its exterior walls are free of holes, graffiti, and decay, if all exposed metal and wood surfaces are protected against deterioration, and if balconies, porches, signs, and similar features are safe and well-maintained.

    It is also worth noting that Class 3 properties are taxed at a rate of $5 per $100 of assessed value, while Class 4 properties are taxed at a rate of $10 per $100 of assessed value. Unfortunately, due to insufficient maintenance, the building experienced significant deterioration, despite the approval of repair works by former Prime Minister Yousaf Raza Gillani through a $7 million loan from the National Bank of Pakistan in 2010.

  • Maula Jatt’s iconic gandasa sells for over Rs 1.4 crore at charity event

    Maula Jatt’s iconic gandasa sells for over Rs 1.4 crore at charity event

    The iconic gandasa from the Pakistani blockbuster ‘The Legend Of Maula Jatt’ was sold at a charity auction for more than Rs 1.4 crore.

    At the charity event organized by Sahara Life Trust in Toronto, Canada, props from the film were auctioned off to Pakistani expats. Actor Fawad Khan was also present at the event.

    The replica of the iconic gandasa which had been Maula Jatt’s sole weapon in the film was auctioned off for $50,000 (approximately Rs1.4 crore) at the charity event, with the funds being donated to helping cancer patients.

    Since its release last year, ‘The Legend Of Maula Jatt’ had broken records by becoming the first Pakistani film to earn 1000 crore, almost USD 10 million worldwide.

  • Bugatti sells its last gas-powered hypercar for Rs2.97 billion, sets world auction record

    Bugatti sells its last gas-powered hypercar for Rs2.97 billion, sets world auction record

    At a Wednesday auction in Paris, Bugatti sold its final gas-only supercar for more than $10 million, breaking the previous record for a brand-new vehicle.

    The one-of-a-kind Bugatti Chiron Profilée, which was originally a unique development vehicle and was never intended for the market, sold at RM Paris collector auto auction for a bid of $9.5 million. The final selling price, after fees to the auction house, was around Rs2.97 billion ($10.7 million).

    The amount paid was significantly higher than the $4.5 million to $6 million that RM Sotheby’s had pegged the car’s value at. According to Hagerty, a business that monitors the market for collector cars, the eight-figure price surpasses past auction sales of new autos.

    Bidding for this gleaming blue supercar went so high because it is unique and, in cases like this, collectors “bid knowing they won’t get a second chance,” said John Wiley, manager of valuation and analytics at Hagerty.

    According to Bugatti, going from zero to 100 kilometers an hour, or 62 miles per hour in only 2.3 seconds, the Profilée is the fastest-accelerating Chiron variant. Shockingly, it’s capable of up 200 kph, or 124 mph, in 5.5 seconds. Able to reach 236 miles an hour, it also has a higher top speed than the Pur Sport, but still not as high as some other Bugatti models that can reach 300 miles an hour.

    The convertible W16 Mistral, unveiled last August, was the French ultra-luxury automaker’s prior announcement that it would be the final gas-powered vehicle it would produce. Only 99 of those cars, each costing at least $5 million, will be produced. According to Mate Rimac, CEO of Bugatti Rimac, the parent business of Bugatti, the next high-performance model from Bugatti will be a plug-in hybrid with a different kind of gas engine.

    However, it turned out that Bugatti only had one additional gasoline-only vehicle to offer for sale. However, this Bugatti was never meant to be put up for sale.

    From late 2020, the Bugatti Chiron Profilée was produced as one of numerous variations of the company’s flagship model, the Chiron. There would only ever be 500 Chirons produced, according to Bugatti. A few variations, including the Chiron Sport, Chiron Pur Sport, and Chiron Super Sport, all with different levels of top speed, acceleration, and cornering aggression, were included in that 500-strong group.

    Incredible performance was provided by the Chiron’s turbocharged 16-cylinder engine, which is capable of producing close to 1,600 horsepower, while the Pur Sport added more forceful steering, suspension, and acceleration. However, other buyers were looking for a hybrid product that offered the capabilities of the Pur Sport but with a more relaxed aesthetic.

    As a response, Bugatti’s engineers and designers began developing a new Chiron model with Pur Sport-like performance but a more ethereal, fluid appearance. In order to draw in more air to cool the massive engine, the Profilée sports a larger grille and broader front air intakes than the standard Chiron. Additionally, the transmission was altered to have shorter gear ratios for faster acceleration and greater engine speeds.

    According to Bugatti, the Profilée is the Chiron model with the fastest acceleration. It can accelerate from 0 to 100 kph, or 62 mph, in only 2.3 seconds, and from 0 to 200 kph, or 124 mph, in just 5.5 seconds. Its top speed of 236 mph is more than the Pur Sport’s but still lower than several other Bugatti models, some of which are theoretically capable of reaching 300 mph.

    The name Profilée refers to a classy teardrop-shaped body style that was employed on some well-known Bugatti automobiles in the 1930s.

  • First-generation Apple iPhone 2G set to sell for Rs1.36 crore at auction

    First-generation Apple iPhone 2G set to sell for Rs1.36 crore at auction

    Apple fans have the chance to own an original 2007 first-generation iPhone – if they are willing to pay the price.

    According to LCG Auctions, where the item is offered for sale, the original 2007 factory iPhone is likely to fetch an amazing $50,000 or more. It is still sealed and unopened in its factory packaging.

    The iPhone had a 3.5-inch screen, a 2-megapixel camera, and 4 or 8 GB of storage when it was originally manufactured. According to CNN, the initial phone was only offered by AT&T on a 2G network and did not have an app store. Time Magazine awarded it the Invention of the Year for 2007.

    The particular iPhone up for grabs is being consigned by its owner, Karen Green, who was gifted the Apple product when it was first released. In a 2019 appearance on “The Doctor & The Diva,” the proud owner said she was gifted the phone but never opened the package as she was happy with her current device.

    She said she held onto it hoping it would come in handy one day. On the air, her 8 GB phone was appraised at $5,000 by Ph.D. Antiques Appraiser Dr Lori.

  • Twitter bird statue sells for $100,000 as Musk auctions off old office mementos

    Twitter bird statue sells for $100,000 as Musk auctions off old office mementos

    A Twitter bird statue fetched $100,000 on Wednesday as owner Elon Musk auctioned off furniture, decorations, kitchen equipment, and more from the tech firm’s San Francisco headquarters.

    A 10-foot neon light in the form of Twitter’s bird logo was included in an online auction of “surplus corporate office assets of Twitter” that lasted just over 24 hours and received a winning price of $40,000, the Heritage Global Partners auction service reported.

    Espresso machines, ergonomically sound desks, televisions, bicycle-powered charging stations, pizza ovens, and a colourful planter in the form of a “@” sign were some of the 631 lots.

    As he set out to hire a new CEO for his struggling social media network, Musk claimed in December that drastic cost cutbacks at Twitter had fixed the company’s poor financial situation.

    At the time, the erratic billionaire claimed in a live chat room that Twitter would have lost $3 billion annually without the reforms, which included sacking more than half of its staff.

    At the platform he paid $44 billion for, Musk claimed to have been “reducing expenses like crazy.”

    Shortly after taking over Twitter, Musk let go roughly half of its 7,500 employees, raising concerns that the firm lacked the manpower to handle content moderation and alarmed regulators, advertisers, and governments.

    According to Musk, his strategy is to drastically cut expenses while increasing revenue and a new $8 monthly membership service dubbed Twitter Blue will aid in achieving this objective.

    Mass layoffs, the reinstatement of blocked accounts, and the suspension of journalists who criticise the wealthy South African-born Elon Musk have all contributed to the instability that has gripped Musk’s Twitter.

    Racist or offensive tweets also increased after Musk’s takeover, which attracted regulatory attention and drove away major advertisers, Twitter’s primary source of income.

  • Pakistan’s iconic ‘wow grape’ meme to be sold as NFT

    Pakistan’s iconic ‘wow grape’ meme to be sold as NFT

    The “wow grape” meme that won the hearts of many people across the world is due to be auctioned as a Non-Fungible Token (NFT) on September 30, 2022, on the digital art marketplace Foundation.

    When a YouTube channel posted a video of a celebration at a Pakistani school in Saudi Arabia, a school teacher, Sehar Kamran’s “wow grape” moment became meme material for netizens.

    Snippets from the video quickly went popular on the internet, becoming a frequent model for the creation of memes that inundated social media.

    The tagline “wow, great” was actually misunderstood as “wow grape” by internet users. Since then, the phrase “wow grape” has appeared regularly in texts, images, gifs, and videos on the internet.

    The auction will be held in partnership with the Sweden/Pakistan-based software business, Maqssoft, with Sehar Kamran’s permission.

    Reportedly, a percentage of the earnings from NFT sales will go toward the rehabilitation of flood victims in Pakistan.

  • Vintage camera auctioned for PKR 3.1 billion

    Vintage camera auctioned for PKR 3.1 billion

    Leica’s inventor Oskar Barnack’s camera was up for bids and was anticipated to bring in a nice little PKR 753 million ($3 million). The Leica 0-Series Model 105 owned by Barnack has now sold for PKR 3.1 billion ($15 million), that is five times the original bid making it the priciest camera ever sold.

    According to RobbReport, the camera owned by Oskar Barnack was put up for auction and was predicted to fetch $3 million.

    The company released the 0-Series to test the market two years prior to the release of the Leica A. Only about 22 were ever produced, and today there are fewer than 12 left, according to the Leitz Auction.

    Oskar Barnack, the man who created Leica, owned camera number 105; his name is inscribed on the Galilean viewfinder. (This is the kind of viewfinder found in older cameras.)

    This camera was reportedly used by Barnack until 1930, when he gave it to his son Conrad and switched to the Leica I Model C, which has interchangeable lenses. The 0-Series Model 105 was still in Barnack’s family up until 1960, when it was acquired by an American collector.

    With the anticipation that the camera would bring in around three million euros, bidding started at one million euros. A little over $15 million, or 14.4 million euros, was the final selling price. It surpasses the old best set by the auction house, which realised $2.5 million from the sale of a Leica 0-Series no. 122 in 2018.

    In addition to the heavily altered camera (which Barnack used for photographic research), the wealthy buyer will also get the original leather lens cap, an aluminium cap personalised with Barnack’s initials, and correspondence related to the Model 105.

    There were plenty of other intriguing pieces of Leica equipment and memorabilia up for auction, though none have been quite as remarkable as the Model 105.

    A black-paint Leica MP brought in $100,000, while one of Barnack’s original prints created in 1914 on an Ur-Leica sold for $9,400. Leica MP Unique Gold, another object about which we had previously written, sold for just over $75,000 at auction.