Sancy I of Portugal. Henry III of France suffered from premature baldness and tried to conceal this fact by wearing a cap. As diamonds were becoming increasingly fashionable at the time, Henry arranged to borrow de Sancy's diamond to decorate his cap. Henry IV also borrowed the stone, for the more practical purpose of using it as security for financing an army. Legend has it that a messenger carrying the jewel never reached his destination, but de Sancy (by then Superintendent of Finance) was convinced that the man was loyal and had a search conducted until the site of the messenger's
Sequential auction of the results are valid also when participants have budget constraints. Sequential auction A sequential auction is an auction in which several items are sold, one after the other, to the same group of potential buyers. In a "sequential first-price auction" (SAFP), each individual item is sold using a first price auction, while in a "sequential second-price auction" (SASP), each individual item is sold using a second price auction. A sequential auction differs from a combinatorial auction, in which many items are auctioned simultaneously and the agents can bid on bundles of items. A sequential auction is much simpler to