Latest news with #auction
Yahoo
4 hours ago
- Business
- Yahoo
Alan Turing papers found in loft set to fetch £150K after nearly being shredded
Scientific papers by codebreaking war hero Alan Turing which were discovered in a loft are expected to fetch £150,000 at auction - after almost being shredded. The incredible archive was found gathering dust in an attic in Bermondsey, London, after its owner moved into a care home and her daughters began clearing out her loft. Among the documents which were nearly destroyed was a personal copy of the mathematical genius' PHD dissertation from 1938-39 and his first published paper from 1935. The papers, known as "offprints", had originally been gifted by Turing's mother, Ethel to her son's friend and fellow mathematician Norman Routledge. They were produced in very small numbers and distributed within academia, making them "incredibly scarce" survivors that rarely ever appear on the market. The documents were nearly destroyed. (Image: SWNS) The collection is now expected to sell for between £100,000-£150,000 when it goes under the hammer at Rare Book Auctions in Lichfield, Staffs, on June 17. Turing was one of the famous codebreakers at Bletchley Park who played a vital role in cracking the Enigma code, which led to Allied victory in World War Two. Despite helping to shorten the war by an estimated four years, on March 31 1952, he was prosecuted for homosexual acts and died from cyanide poisoning on June 7, 1954, aged 41. Shortly before pleading guilty, Turing sent a poignant letter to Norman Routledge, the original owner of the papers being sold. The letter, known as 'Yours in distress', was read by Routledge when he appeared in "The Strange Life and Death of Dr Turing" on the BBC's Horizon in 1992. It has also since been read by Benedict Cumberbatch after it was presented by Routledge to King's College, Cambridge, where it now resides in The Turing Archive. The collection is expected to make £150k. (Image: SWNS) But he kept the collection of Turing's offprints, which were eventually rescued by his nieces and nephews. One of the nieces explained: 'Following his retirement from Eton College, Norman bought and lived in a house in Bermondsey. "When he died in 2013, two of his sisters had the unenviable task of sorting through and emptying the contents. "There were lots of personal papers which one sister carted away and stored in her loft. The papers lay dormant until she moved into a care home almost a decade later. "Her daughters came across the papers and considered shredding everything. "Fortunately, they checked with Norman's nieces and nephews because he'd always been a presence in our lives. The papers were saved by Turing's friend, Norman. (Image: SWNS) Adding: "One cousin felt the Turing and Forster papers might be of interest to collectors. "After taking them home for a closer look, she decided to attend a local valuation day hosted by Hansons Auctioneers, who consigned them for research with their specialist saleroom, Rare Book Auctions. "We were bowled over by the valuations and level of enthusiasm.' The collection includes his PhD dissertation from 1938-39, Systems of Logic Based on Ordinals, which is signed by Turing, having been his personal copy. This document alone has been valued by the auction house at £40,000 to £60,000 as has his 1936-37 paper entitled On Computable Numbers. The paper introduced the world to the idea of a 'universal computing machine', which, despite the model's simplicity, is capable of implementing any computer algorithm, and has been described as the first programming manual of the computer age. The papers have been checked by experts. (Image: SWNS) Jim Spencer, director of Rare Book Auctions, who is more famed for finding Harry Potter first editions, described the collection as "the most important archive I've ever handled.' He said the exchange of offprints had historically been a method of correspondence between scholars and is prized by collectors as representing the first separate edition of an important work. He added: 'Nothing could've prepared me for what I was about to find in that carrier bag. "These seemingly plain papers-perfectly preserved in the muted colours of their unadorned, academic wrappers - represent the foundations of computer science and modern digital computing. "Literature has always been my forte, not mathematics, so the past few months of intensively researching and cataloguing these papers has left me feeling that Alan Turing was superhuman. The collection includes letters. (Image: SWNS) "For me, it's like studying the language of another planet, something composed by an ultra-intelligent civilisation." The collection also includes The Chemical Basis of Morphogenesis, which dates from 1952, and is Turing's lesser-known masterpiece of mathematical biology. It has since become a basic model in theoretical biology, describing what have come to be known as 'Turing patterns'. Mr Spencer said: 'As recently as 2023, a study confirmed Turing's mathematical model hypothesis as outlined in The Chemical Basis of Morphogenesis. "In this way the papers are still alive. They're still relevant and groundbreaking. 'We even have Turing's first published paper from 1935 – Equivalence of Left and Right Almost Periodicity – which is simply a single sheet of paper. The collection is set to get interest from around the world. (Image: SWNS) "And the provenance couldn't be better. The archive was gifted to Turing's friend and fellow mathematician Norman Arthur Routledge (1928-2013) by Turing's mother Ethel - and we have her handwritten letter explaining this." In the letter, dated May 16, 1956, Ethel Turing says: 'I have to-day sent by registered post 13 of Alan's off-prints...I don't know what people in Cambridge thought of the manner of Alan's death. "I am convinced it was accidental as the experiment of coke under electrolysis – which smelt of cyanide had been going on for weeks – I feel sure he got some of this on his fingers & so on to the apple he customarily ate in bed...I have had some requests to write a biography of Alan...I have masses of material because from the time he was about 6 I spotted a winner – despite many detractors at school – and kept many papers about him.' Mr Spencer added: "This fascinating letter is a golden thread that neatly ties up and seals the authenticity of everything being offered. "The potential value compels us to offer the papers individually. The price is unknown and could run to any amount. Recommended Reading London company allowed to keep name as lawsuit dropped Beckenham woman befriends stray dog in Bali to bring home London chimney sweeper shares what the job is really like 'Anything with a direct connection to Turing is highly desirable and almost impossible to find. "These papers were owned by his close friend Norman, having been gifted to him by Turing's mother. That's what makes this collection so significant. 'Hardly anything like this appears on the open market, so predicting hammer prices is fortune-telling." Adding: "I suspect interest will be strong in Silicon Valley – where Turing's influence shines brightly – but it would be lovely to see material acquired by institutions who could share things with the public."
Yahoo
7 hours ago
- Business
- Yahoo
How a Real-Time Livestock Trading Platform Works
On this episode of Bloomberg Next Africa, we take a deep dive into one of Bloomberg's 25 African Startups to Watch. SwiftVee is a real-time livestock trading platform. Jennifer Zabasajja is on location at one of the auctions to see how SwiftVee operates and how livestock and fintech meet.
The Sun
9 hours ago
- Automotive
- The Sun
Oldest Ferrari car in existence built in the 1940s with open top sells at auction for record price of £6.3million
THE oldest Ferrari car in existence has sold at auction for a record price of £6.3 million. The 1948 Ferrari 166 Spyder Corsa was Enzo Ferrari's first car, designed to compete in circuit racing and drive on the road. 4 4 Only nine of the motors were ever made making them some of the rarest Ferraris in existence. This one was bought by the Besana brothers, the Italian car company's first ever customers, who would have had the car built to order. The 166 Spyder Corsa competed in numerous races between 1949 and 1957 before being purchased by American collector Henry Austin Clark in 1965. The red car was bought for around £3,000 with an additional £400 for the official mantra of " World's Oldest Ferrari." The seats, paintwork and wire wheels were painstakingly restored, with Enzo Ferrari reportedly taking a personal interest in the car. Clark reportedly received an offer of around £20,000 for it in 1971, but his family ended up holding onto it until 2015, when they sold it to a renowned Ferrari collector. The 77 year old car still has its original chassis, body, V12 engine and gearbox making it the most original of the 166 Spyder Corsas. It was even sold with its original certification proving its authenticity as one of the earliest Ferraris ever sold. Boasting a top speed of 125mph the vintage motor does 0-60mph in around six seconds. It was sold to an anonymous phone bidder by Broad Arrow Auctions at an auction near Lake Como, Italy. It sold for a hammer price of £5.3 million, the total came to around £6.3 million after auction fees. The motor set the record for the most expensive 1948 Ferrari 166 Spyder ever sold. 4 4 Barney Ruprecht, vice president of Broad Arrow Auctions, said: "It is an absolutely fabulous sale for an amazing early sports car. "The 166 Spyder Corsa is quite literally the earliest and most important Ferrari in existence today. "It has significant period racing history at some of the most renowned events in Italy and throughout Europe, so it feels only natural to sell the car at the most prestigious concours event on the continent. "It is an immediate world-class acquisition to own the first Ferrari. "Any enthusiast of the Ferrari brand, including both older, established collectors and the rising generation now in the market, will feel drawn to the DNA of such a legendary marque. "Nothing else on the market today, at any price, offers the cache of this car." The Ferrari is one of two models purchased by the Besana brothers, Ferrari's earliest customers. The Spyder Corsa boasts chassis number 004 C, finished sixth overall at the 1948 Targa Florio, raced at the 1948 and 1949 Mille Miglia and also has period Formula Two competition and hill climbs added to its race tally.
Yahoo
9 hours ago
- Business
- Yahoo
Failed Sotheby's auction of $70M bust leaves art insiders speechless — are collectibles no longer covetable?
What was meant to be a quick sale of a rare antique turned into a sobering reminder of the hidden risks of so-called alternative assets. Grande tête mince, a bronze sculpture by Alberto Giacometti, failed to meet expectations at a recent Sotheby's auction. Industry insiders and art experts estimated that the sculpture was worth $70 million, however the auction failed after the highest bid maxed out at $64.25 million, according to the New York Times. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) This high-profile flop highlights some of the risks of storing wealth in collectibles. On average, ultrawealthy families across the world have allocated roughly 13.4% of their assets to artwork and collectibles, according to Deloitte. However, the market is notoriously opaque and illiquid, which means many of these collectible items might not be worth as much as their owners believe. Investors looking for an asset that isn't exposed to the same market dynamics as stocks and bonds have better options than art. Here are three alternative assets that could be more attractive than ancient sculptures or oil on canvas. Gold has been around longer than any piece of ancient art and its collectors include central banks and sovereign nations. The market for this precious metal is also much more transparent and robust. Gold's reputation as an uncorrelated, safe haven has been cemented in recent months. As President Donald Trump's ongoing trade war whips up volatility in stocks, bonds and cryptocurrencies, the price of gold has surged roughly 25% over the past six months. Adding some exposure to this hard asset could be a good idea if you're worried about economic growth, inflation or interest rate volatility over the medium to long term. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Tangible land and property has strikingly different dynamics than either stocks or bonds. According to an analysis by J.P. Morgan , direct real estate as an asset class tends to have low or even negative correlation with the S&P 500. To be clear, J.P. Morgan focused on direct real estate deals. An analysis by Guggenheim Investments found that real estate investment trusts (REITs) had higher correlation with the S&P 500. That means if you're a homeowner or landlord with direct ownership, you're less exposed to the stock market's volatility. You could also consider a crowdfunding platform to get access to niche real estate deals. Infrastructure assets such as toll roads, bridges, cell phone towers and airports have many of the same dynamics as real estate. However, these assets are more rare and could have great earnings potential. According to KKR, private infrastructure assets across the world performed better than stocks and bonds in 2022, when inflation and interest rates were rapidly rising. That makes these assets an ideal 'shock absorber' for a typical investor's portfolio. If you're looking to add some exposure to this niche asset class, consider the iShares U.S. Infrastructure ETF or the SPDR S&P Global Infrastructure ETF. You could also take a closer look at infrastructure stocks such as wireless infrastructure manager American Tower, pipeline owner Enbridge or electric vehicle charging operator ChargePoint Holdings. Pipelines and cell towers might not be as exciting as rare exotic artwork, but they're likely to be more lucrative and less volatile. Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
News.com.au
11 hours ago
- Business
- News.com.au
Werribee family's almost $200k Amazon thanks to cat
A Werribee home sale that had even the auctioneer nervous by the halfway mark, has gone on to raise the home's price almost $200,000 in fewer than two years. And a homemade cat run for their pet Ziggy was a big part of the success. Josh Palmer and his partner Shayla were 'pretty nervous' as the 4 Amazon Place home started off with low level bidding and stalled in the middle of its price guide. Bulldogs great Mark Hunter lists $4m+ Williamstown home 'And then it skyrocketed,' Mr Palmer said. 'I was just in a whole lot of shock.' Ironically, celebrations for the sale boosted by the carpenter's renovation work had to be kept limited as he was booked in to help some family with a reno on Sunday. 'But we will be looking for another house to renovate,' he added. They'll also be taking some time to enjoy the space that they've filled with memories, including bringing their daughter Mia, 18 months, home to. While the renovation gave the buyers confidence they could just move in and enjoy the home, it was a cat run built down the side for the Palmer family's cat Ziggy that had them enthused. Hocking Stuart's Justin Tong said while the home's renovation, and feline-friendly reno, had given it an edge — buyers hadn't let on until well into the auction. 'It was at $550,000 at the halftime break, with only two bidders, and I was a little bit concerned,' Mr Tong said. 'Then I came out and threatened to pass it in and it just went off.' In a sign that fear of missing out (FOMO) is returning, the agent said such gambits hadn't been as effective recently as buyers were better at holding their nerve. Records show the owners paid $547,000 in 2023. 'So it has gone up nearly $200,000 in two years,' Mr Tong said. A young couple buying their first home outbid an investor and a downsizer. The agent said rising demand after rate cuts had created a 'perfect storm' for home sellers in recent weeks. 'Two underbidders is fairly common at the moment,' Mr Tong said. The agency sold three out of their four auctions yesterday, with the only one falling short priced over $1m. Co-worker Samantha McCarthy yesterday secured a $740,000 sale at the top of the advertised range for 22 Mirrambeek Rd, Hoppers Crossing.
