The Phaserl


Sotheby’s is the ultimate market top indicator as contemporary art market goes bonkers as stocks peak

by Peter Cooper, ArabianMoney:

Closely watched hedge fund manager Jim Chanos says he has the best barometer for gauging where one percenters are putting their money, given the Federal Reserve’s easy money policies that have been fueling their portfolios to record highs.

During an interview Thursday on CNBC’s ‘Squawk Box,’ he pointed to the stock chart of Sotheby’s, the UK-based auction house… contemporary art markets go bonkers just before a stock market crash:

Sotheby’s stock ‘double peaked’ in the past few years, since rising exponentially following the 2008 financial crisis. Mr. Chanos attributed Sotheby’s run-up to the Fed’s super-low interest rates and aggressive asset purchases, attempts to kick-start a sluggish economic recovery reeling from the subprime mortgage bubble…

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