Nicolas de Harlay, seigneur de Sancy later sold the diamond to James I (successor of Queen Elizabeth) about 1605 when it is thought the Sancy acquired its name. It was described in the Tower of London's 1605 Inventory of Jewels as "...one fayre dyamonde, cut in fawcetts, bought of Sauncy." Nicolas de Harlay, seigneur de Sancy Nicolas de Harlay, seigneur de Sancy (1546–1629) was a French soldier and diplomat. Although de Harlay belonged to the Protestant branch of the family of Harlay, he adopted the Catholic religion in 1572 during the massacres of the Huguenots. In 1589 he obtained in Geneva and Berne sums sufficient to
Multiunit auction provides an incentive for bidders to bid insincerely unless each bidder has demand for only a single unit. For multiple-unit demand, bidders have an incentive to shade their bids for units other than their first because those bids may influence the price the bidder pays. This demand reduction results in an inefficient equilibrium. A variation that preserves the incentive to bid truthfully is the Vickrey-Clark-Groves auction. In a pay-as-bid auction (or discriminatory price auction), multiple homogeneous items are sold at different prices. An example is the auction system at the Dutch Flower Auctions, where a lot is allocated to (potentially)