Last Thursday on Squawk Box on CNBC, noted short seller Jim Chanos called out Sotheby’s stock as a bubble indicator. In the two days that followed, not only did Sotheby’s lose 5.5% in market value but the broader market, especially stratospheric NASDAQ stocks, came down sharply too.

For Sotheby’s, the timing is not ideal as the company is not less than a month away from a proxy fight for its board of directors with one camp openly hostile to the incumbent management.