Sancy after a devastating defeat, James took shelter under Louis XIV of France, a fickle host who tired of his exiled guest. Facing destitution, James had no choice but to sell the Sancy to Cardinal Mazarin in 1657 for the reported sum of £25,000. The cardinal bequeathed the diamond to the king upon his death in 1661. The Sancy was thus domiciled in France but disappeared during the French Revolution when brigands raided the Garde Meuble (Royal Treasury). As well as the Sancy, other treasures stolen were the Regent diamond, and the French Blue diamond which is known today as the
Auction bid has become a binding agreement. Auctions can differ in the number of participants: Prices are "bid" by buyers and "asked" (or "offered") by sellers. Auctions may also differ by the procedure for bidding (or asking, as the case may be): Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first "unique" price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought. Without modification, "auction" generally refers to an open, demand auction, with or