Confederate flag sells for $40,000 at auction By Michael Lollar January 18, 2004 A Confederate flag discovered in a trunk in a Dancyville, Tenn., farmhouse sold for $40,000 Friday at auction by Sotheby's auction company in New York. One of the first Confederate flags carried into battle, the silk flag with 12 stars decorated with gold-colored sequin-like spangles, sold to a telephone buyer who declined to reveal his name. Sotheby's described him only as a "private American collector." With a 20 percent buyer's premium, the final price for the flag was $48,000. Nancy Druckman, head of Sotheby's Folk Art Department,...