Bloomberg went on a tour of ArtBasel Miami Beach with short seller Jim Chanos. During their stroll, Chanos expressed his view that the auction houses are under pressure from the big global galleries like White Cube:
Chanos also told Ruhle that he thinks the two main auction houses, Christie’s and Sotheby’s, are facing serious challenges from large international art dealers. These so-called ‘super dealers’ increasingly “have galleries all around the world in all different capitals, have huge inventories, have relationships with all the best artists, can offer financing, and in effect are doing some of the same things that the auction houses had as their complete sinecure,” he said, but they’re doing it themselves.
After their tour of the ABMB exhibition space, Chanos took Ruhle on a tour of his home, where he showcased some of his legendary art collection.