The recent art auction at Sotheby’s (BID) was anything but profitable after the company found itself unable to move a quarter of its paintings, including van Gogh's famed "Wheat Fields." That alone was expected to bring in at least $35 million. Is the luxury market still in tact?
The silence in the room at the time of the auction was a resounding thud for the art market, said Karen Finerman. She explained that Sotheby’s must now buy the art that didn’t sell – and at a time when she anticipates a real crack in the art market.
However, she doesn’t think there’s much of a correlation between what happened at Sotheby’s and what will happen with high end retailers such as Tiffany’s (TIF). High-end retail remains in tact, she added.