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Sotheby’s Stock Falls 6% on Analyst’s Downgrade
Cowen’s Oliver Chen released a note earlier today linking Sotheby’s to lower expectations of global growth for 2019. The note provoked a 6% slide in Sotheby’s stock which had been on a month-long rally from its low of $36 on Christmas Eve.
- “We believe supply gathering is key to Sotheby’s success and a combination of lower consumer confidence at the high-end, S&P 500 market volatility, and tough comparisons given prior years of solid momentum are all negatives for 2019,” Chen said.
- “As financial volatility looms, we believe consumers will be more conscious of their spending, which can be a factor contributing to weaker auction sales,” Chen said in a note Thursday. “As consumers become less optimistic about valuation, they will likely hold back on putting their pieces up for auctions, leading to contracted supply gathering for Sotheby’s.”
Curiously, the auction houses seem to have started the year with spate of competitive pitches. Industry folks were expecting a slowdown after the run of major sales in 2018 but most have been surprised to be called to make their best presentations for several estates. That runs counter to some of Chen’s reasoning (in bold added above.)
Though hen pegs Sotheby’s (BID) to the S&P 500, Sotheby’s stock also correlates to crude oil. Neither was down today as BID fell though the floor.
Vancouver Art Gallery Gets $40m Launch from Chan Family
The Vancouver Sun reports the Vancouver Art Gallery now has $85m pledged toward the $165m it needs to break ground later this year or next. The Provincial government committed another $50m last year putting the project much closer to launching:
- A new gallery moved a step closer to reality Wednesday with the announcement of a $40-million donation from the Chan family [….] If everything goes according to plan and the VAG can raise another $165 million from private and public sources, the new gallery could be ready to show art by about 2023. That would mean being able to see art for free in two lower-level galleries, visit a dedicated area for the work of Emily Carr, and have a glass of wine in the restaurant overlooking the city.
Art & Real Estate: Hudson Yards
Related-Oxford’s sketch of Frank Stella’s instaalation at 50 Hudson Yards
The real estate site, 6sqft.com, has renderings of the art installations joining the Heatherwick folly at Hudson Yards:
- “yesterday Hudson Yards announced that it would officially open on March 15th, and when visitors first visit the mega-development, they’ll now have even more art to peruse. According to a press release from developer Related, the complex has unveiled large-scale contemporary art installations by three renowned artists–Jaume Plensa, Frank Stella, and Joel Shapiro.”
Art & Real Estate: Las Vegas Edition
The Palms resort in Las Vegas has revealed the setting for which the Fertitta brothers purchased Damien Hirst’s massive sculpture. KAOS is The Palms’ dayclub/nightclub entertainment complex where Hirst’s
- Composed by award-winning design firm Friedmutter Group Las Vegas, the multi-level 73,000 square foot dayclub offers [two] luxurious main pools, numerous side pools and 39 unique cabanas (most with their own private pool). The focal point of the dayclub is a towering 65-foot bronze sculpture by Damien Hirst entitled “Demon with Bowl” (2014), which rises up from the center of one of the two main pools. Boasting the highest number of pools of any resort in North America, KAOS dayclub offers a luxe Greek-inspired oasis that can be found nowhere else in Las Vegas.KAOS will seamlessly blend the nightclub and dayclub experiences via a massive retractable glass wall/door that allows clubgoers to easily move between the indoor and outdoor venues. In addition, the nightclub has a rotating 360-degree DJ booth that allows talent to play to both indoor and outdoor crowds, while the dayclub has its own separate entertainment stage in order to provide for multiple performance locations. The dayclub can also accommodate up to [5,000] guests and incorporates a [seasonal] dome cover that will allow it to operate on a year-around basis.