Yesterday we pointed out to you that Sotheby’s CEO Bill Ruprecht was willing to call a bottom in the auction market on the second quarter conference call. Last night, his CFO Bill Sheridan, followed up with Bloomberg’s Philp Boroff making this statement:
“Unless there’s some external event we’re not aware of, we believe the market has bottomed out,” Sheridan said.
That’s about as clear as it gets. Now, let’s see if they’re right!
Sotheby’s Sees Art Market Bottom: Profit Declines 87% (Bloomberg)