Stories From Around the World
The auction world is full of surprises and this week contained a few!
The first UWO (Unexplained Wealth Order) has taken another twist when a massive seizure was conducted at the auction house, Christie's.
Burnley FC showed their support when they auctioned off the first team's football shirts with a poppy embroidered on it.
Finally, a 115-year-old bottle of port has sold in an auction!
£400k Jewellery Confiscation
In January 2018, the UK introduced the UWO (Unidentified Wealth Order) initiative. The aim is to tackle international corruption by holding to account individuals or families who cannot confirm their fortune.
The first case happened only weeks ago when Zamira Hajiyeva was investigated after, it was revealed, she spent £16m in Harrods between 2006 and 2018.
Jahangir Hajiyeva, her husband, was the chairman of The Bank of Azerbaijan, a state-controlled bank, from 2001 until he resigned in 2015. He was jailed for 15 years after he was convicted of embezzling funds.
When Christie's valued up to 49 items of jewellery from Zamira, they received a request from the National Crime Agency who are investigating the source of the funds used to acquire them. Among the hoard of jewellery was an array of luxury brands such as a £120,000 Boucheron necklace.
The total seizure equated to £400,000 and illustrates the scope of this new order. In addition, The NCA can hold the items for six months whilst they investigate.
Zamira Hajiyeva is the first person to be issued a UWO which targets high-end spending across a wide range of products from luxury cars to houses.
155-year-old Port Wine Sells
A Guinness World Record has been set after a 1.5L Lalique decanter which housed a 155-year-old port wine sold for over $100,000 at auction.
Founded in 1842 by Francisco Marius Niepoort, the company is now into its fifth generation of management and are helmed by Dirk van der Niepoort.
“ It is an incredibly rare Port, the result of years of dedication and craftsmanship. A big wine, but very refined, not too sweet but highly concentrated". - Dirk van der Niepoort
Trivia - the decanter itself was made using an ancient method of glass making called the lost wax method.
The auction was fierce off the bat as bidders battled to win the prestigious port. The intensity of the bidding enabled the port wine to go 6x over its estimate!
Burnley FC Poppy Shirt Auction
Premier League team Burnley FC raised money for the Royal British Legion when they auctioned off the shirts of the first team members.
Rasing over £4,000, the biggest sale was Steven Defour whose shirt sold for £500.
Burnley supporters were able to bid via emailing the club and the highest bids for the players' shirts were updated daily.
The auction closed on 5th November with the winners contacted the day after.
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Look out next week for more stories from the auction world.