Sotheby's sales in NYC and Hong Kong (see Art Basel buying into that market in an earlier post). Make no mistake, sales in HK were up 75%, and brought in .447 billion USD, so what happened? Sales did not meet speculative expectation, which had risen rapidly at the signs of recovery. New York sales of Impressionist and Modern art were soft, close to to the low end estimates, and that cause the recovery bubble to pop, and stock to plummet 25%. There is a cautionary tale in this Sotheby's story about overzealousness regarding possible recovery -- and many other influential factors. If this broadens, we could see a very rapid landscape shift.
Sources: [Link], [Link]
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