Sotheby's shares may ride up latest art boom
- September 11, 2011 19:27
After posting record sales of $3.4 billion in the first half of 2011, publicly-traded Sotheby's ended the summer with shares tumbling more than 25% in the first three weeks of August. But the auction giant could overcome investors' fears of a wobbly worldwide economy.
Sotheby's saw shares start to edge back up after the usual quiet period in August when few auctions are scheduled.
Several factors could influence share price, and be an indicator of the health of the art market overall.
Among them, the art market does not necessarily follow the stock market or economy; Mei Moses All Art Index was up 5.4% in July; the fall auction season shows sellers' confidence with the inclusion of major collections; and the client base for Sotheby's and the upper-end of the art market is relatively insulated from a double-dip recession.
100x100_c.jpg "Two Nayarit (Mexico) seated musician figures with instruments, reddish ceramic with pigments and manganese, 200 BCE to 200 CE. Sizes: Larger figure 15¼in x 8in, smaller figure 15in x 10in. Estimate: $4,000-$6,000")
