Fire sale
Sale of goods at heavy discount, often after damage.
A fire sale is the sale of goods at extremely discounted prices, a term that originated from the sale of fire-damaged merchandise. In financial markets, it can occur when high-value bidders are prevented from bidding, lowering average prices and potentially signaling negative information.
History
The term derives from the sale of goods damaged by fire at reduced prices. A counterpart, "railroad salvage," refers to discount sales of goods damaged in derailments. Plutarch recounts that Crassus would arrive at a burning building with a fire brigade, offering to extinguish the fire or buy the property at a steep discount; if refused, he let it burn.
Sports
In professional sports, a fire sale occurs when a team trades many veteran players, especially expensive stars, for younger, less expensive players, typically for financial reasons. This differs from rebuilding, where teams retain some key veterans and acquire major-league-ready players; fire sales often bring draft picks and prospects with little experience. The term is used especially in Major League Baseball. The most infamous fire sale happened in 1997, when the Florida Marlins, weeks after winning the World Series, traded away high-salary players like Moisés Alou and Al Leiter, leading to a 54–108 record in 1998, the worst by a defending champion. Earlier, Connie Mack put the Philadelphia Athletics through a fire sale twice, first after losing the 1914 World Series, trading or releasing most star players in what is considered the first such sale in organized sports.
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