One of the most reliable indicators around is the value of Sotheby’s (BID), which always forms sharp peaks as speculative froth gets the most ridiculous.
Here’s a long-term chart, and you’ll see exactly what we mean.
But now it’s coming back, sitting at a one-year high:
The world has completely changed since the March lows, particularly as it pertains to rich people spending cash on expensive, unnecessary luxuries.
Here’s Marion Maneker on last night’s Latin art auction:
Tonight’s Evening Latin American art sale at Sotheby’s proves that the art market is back a lot faster than anyone anticipated. It’s one thing to see strength in Impressionism or the Warhol market. But the Latin American market is deep with collectors and we’re seeing them spend for real. Sotheby’s sale brought in $14.764m (the presale high estimate was $12.9m.) The sale was 86% sold by lot. That’s 50 of the 58 lots sold.
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