Sotheby’s Sale Disappoints

by Art Fag City on November 8, 2007 · 3 comments Blurb

Art Fag City poses as an economics blog. Screencapture taken 2:07 pm

The only statement any one can make with any assurance is that nobody can predict what will happen to the United States markets, including the art market.  I mention this because the Sotheby’s Impressionist/Modern evening sale yesterday underperformed, their total sale price including buyers premium reaching only 238.8 million — that’s 116.2 million short of their low end estimate.   Shares of Sotheby’s plunged today as a result, falling much as 37.7% to $31.20 in morning trading, and were down 29.1% intraday.  For a full report read culturegrrl, and Crains New York.  (Thanks Bloggy!)

{ 3 comments… read them below or add one }

bince November 10, 2007 at 8:18 am

so where’s art’s new epicenter?


bince November 10, 2007 at 4:18 am

so where’s art’s new epicenter?


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