SPOTLIGHT | The Relevance of Outcry Auctions

On the eve of World War II, London’s tea brokers sold 60% of the world’s tea, but when the London auction resumed in 1951, the bulk of tea was transacted in the tea lands. Today, most of the world’s tea is auctioned at regional tea centers in India, Africa, Indonesia, and Sri Lanka. In July, the Colombo Tea Traders’ Association organized a London-style Open Outcry Auction for Charity that earned 46 million rupees (about $150,000) to build 130 “smart” classrooms and provide English Language lessons for the children of tea workers.

Today, Dan takes us into the auction hall, where the bidding is about to begin.

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