Chanos, who has said considered his Caterpillar short his best investment idea of 2013, also noted that the value of mined commodities, such as coal and iron, keep dropping.
China, which has been another favored short for Chanos, was also looking up from a short perspective because of its crackdown on corruption. Most recently, a GlaxoSmithKline executive was charged with bribing hospitals and doctors.
"And the two areas that I think are feeling it right now are luxury goods and real estate. It's one of the reasons real estate transactions have collapsed in China this year," he said. "The next two are flight capital in terms of foreign real estate and art—Sotheby's—and Macau. We're getting increasingly concerned that a crackdown's looming in Macau."
Chanos, who was speaking from the Bellagio Hotel, demurred when asked to expand on his comments.
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"No comment on what we're shorting in Macau. I'm sitting in a casino if you haven't noticed," he said, adding that he was "worried" that U.S. operators were facing real risks from the corruption crackdown.
"We were long corruption, short property in 2010-11," Chanos said. "We would no longer be long the Macau casinos."
In a week that saw record prices at a Christie's contemporary art auction— including the sale of "Popeye," a six-and-a-half-foot-tall Jeff Koons sculpture to casino magnate Steve Wynn for $28.1 million—Chanos saw a clear sign.
"Usually, when the art market starts to get silly, it's time to be out of Sotheby's," he said.
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