GamesBids.com: Beijing Olympic Torch Sells 173 Times Higher Than Cost

Beijing Olympic Torch Sells 173 Times Higher Than Cost
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GB Staff on Sunday, August 17, 2008  11:55am EDT
 
One of the Beijing Olympic torches that sold at the Olympic Expo Beijing 2008
auction Friday was sold for 260,000 yuan (about $37,843 U.S.), 173 times higher
than the cost. The auction featured Olympic themed products and included torches
from the Athens, London and Berlin Games.
The asking price of the torch was 120,000 yuan, and the final bid was 291,200
yuan plus commission, the Beijing News reported Sunday.
According to the newspaper the Beijing torch - the red and silver "xiangyun"
torch resembling an ancient scroll and featuring "lucky cloud" - attracted the
most attention. The aluminium-made "xiangyun" torch, created by the designers at
Chinese PC giant Lenovo, is 72 centimetres tall and weights 985 grams. In
Chinese mythology deities ride flying on "xiangyun", or lucky clouds. The
Chinese expect the auspicious clouds to bring blessings and harmony.
China Guardian Auctions Co. Ltd. refused to reveal any detailed information
about the torch seller or buyer calling it "a personal business".
BOCOG said Saturday it could not encourage the sale of the torch as it stood
for the holy and pure Olympic event, adding it had bought the torch for 1,500
yuan, much less than previous torches, because the torch production company in
Beijing received almost zero profit from the sales. But it would not ban
commercial activities in the future because the organization had bought and then
given the torch to the torchbearer as a gift, which was different to previous
Olympics when it was the torchbearers themselves who bought the torches.