Sotheby’s Catches The Flu

“Despite evidence that the art market is larger, deeper, and more independent from other financial markets than ever before, if the art market sneezes, Sotheby’s stock catches the flu. Oddly, in this case, there is no evidence yet of a significant slowdown in the art market. Even in a disappointing sale, 35% of the lots that sold at Sotheby’s went for prices above the high estimate.”