Headlines noting the 44% drop in Sotheby’s London Evening sale total seemed to provoke analyst downgrades today even though the day sale was essentially flat and Sotheby’s still outsold Christie’s comparable sale.
Today’s market panic around the world would seem to be pricing the stock with expectations of an art market crash even as gold rose another 4.5% bringing it up 20% year to date.
Nonetheless, Sotheby’s stock is now below $20. BID was around $34 before the earnings call that announced the Taubman guarantee would impact commissions.
