January 26, 2006
A Disco View of Auction Contracts
Justin Garrett (Faulkner Law) passes on this interesting story from the New Yorker, involving the sale of the actual dance floor used in the film Saturday Night Fever. It involves the interesting rules about when goods can be withdrawn from an absolute auction. The question is who'll get the floor: the person who bid $6,000 at the first auction (where the floor was withdrawn from bidding), or the one who bid $188,000 at the second.
The floor, 384 square feet of Plexiglas with 304 colored light bulbs beneath it, had been part of New York's Odyssey night club. The auction apparently induced its own fever among devotees of disco. As the first putative buyer remarked, somebody bought those 37 million Bee Gees albums. To see a replica of the floor in its full glory, check out this.
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