On the Sky-High Racing Pigeon Market

The Associated Press reports on the lightning-fast pigeon named Bolt, who became the world’s most expensive racing bird when his Belgian breeder sold it for 310,000 euros ($400,000) to a Chinese businessman:

One-year-old Bolt, named after the Jamaican Olympic superstar sprinter Usain Bolt, and with an outstanding pedigree of proven champions to match, was the latest Belgian-bred pigeon to claim record prices. Yet the sums paid surprised anyone involved in the sport, auction house Pipa said. The previous record for a sale of a single bird stood at 250,000 euros ($322,000) from January 2012.

At a time when a crisis is holding Europe in an ever tighter grip, a feathered handful of prime fowl of some 450 grams (a pound) is reaching unparalleled levels. The full auction of the Leo Heremans coop, 530 birds in all, also yielded a world record of 4.345 million euros ($5.58 million) more than double the previous record from last year.

I had no clue there was a market in racing pigeons!
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(via @tylercowen)

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