Sotheby’s stock price has had a hell of run in the last few days. Up and down in 4% swings. MSNBC reminds us that the auction house’s stock historically moves to the upside between now and November. That is, before it falls off a cliff:
Dionisio said Sotheby’s shares tend to rise during the company’s big auctions in the fall. Shares usually retreat in the weeks after the Impressionist and modern art auction which takes place in early November.
“History would indicate that, with seven weeks to go before the upcoming Nov. 2 Impressionist auction, now would be a timely period to accumulate shares,” Dionisio said in a note to clients.