Does a Sotheby’s Stock Dip Signal Trouble for the Wider Economy?
Compared to the $24 trillion US stock market, Sotheby's is relatively small, a public company valued at just $1.9 billion. But its stock is watched well beyond the art world. Indeed, a dip in Sotheby's stock has an uncanny record of signaling danger in the broader economy—and the New York auctioneer's shares are down 38 percent since June, to a three-year low. Should we be worried? Here's the record.,/p> Back in October 1989, Sotheby's shares reached a new high, fueled in part by Japanese buyers paying records for Impressionist paintings. After that milestone, the stock lost two-thirds of its value...