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.
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Trader disclosure: On Nov. 8, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;Najarian Owns (CSCO); Najarian Owns (BHP) Options, (C) Options, (GS) Options, (GOOG) Options, (VMW) Options, Najarian Owns (XLF) Options, (YHOO) Options; Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (BEAS), (KSS), (WMT); Finerman's Firm Owns (BIIB) Options; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P Puts; Finerman's Firm Is Short (MDY), (IYR), (IWM), (SPY), (LEH), (MBI); Finerman's Firm Is Short (MER) And Owns (MER) Puts; Finerman's Firm Owns (PLCE), (YHOO), (MSFT); Seygem Asset Management Owns (CSCO), (CCJ), (EEM), (GLD), (MSFT), (SWC), (YHOO), (GFA), (F), (AAPL), (INTC), Gazprom