Tuesday, November 13, 2007

Disastrous sale sends Sotheby's shares falling by 37% in one day


So did you feel the Earth move? Nope?!

Prices had been going up steadily for 11 years but investors hit by the mortgage crisis are starting to hold onto their money. Museums have been affected as well since donations for acquisitions are down.. so they can't get in on the game at the auction house.

Oh, and has the price of art by living artists climbed at such a rate? Nope. Maybe a drop in the market isn't such a bad thing.

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