Art Fag City poses as an economics blog. Screencapture taken 2:07 pm
The only statement any one can make with any assurance is that nobody can predict what will happen to the United States markets, including the art market. I mention this because the Sotheby’s Impressionist/Modern evening sale yesterday underperformed, their total sale price including buyers premium reaching only 238.8 million — that’s 116.2 million short of their low end estimate. Shares of Sotheby’s plunged today as a result, falling much as 37.7% to $31.20 in morning trading, and were down 29.1% intraday. For a full report read culturegrrl, and Crains New York. (Thanks Bloggy!)
