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Home » Sotheby's stock drops after a disappointing sale

Sotheby's stock drops after a disappointing sale

November 8th, 2007

Sotheby’s stock plummeted today after last night’s sale was well under the low estimate of $355.6 million at $269.7 million. As of 4pm today, shares are down to $35.84, a change of 28.42%. Yesterday’s closing price was $50.07 and opened at $36.01.

According to an article on Bloomberg, the last time Sotheby’s sold short of their low estimate was May 2005, when it sold $91 million, under the $127 million low estimate. Yesterday’s miss of $224.5 million was catastrophic in comparison.

Bank of America changed their rating for the stock to “neutral” to “buy” this morning, citing a “cloudier macro outlook for the art market.”

The much-publicized The Fields (Wheat Fields) by Vincent van Gogh failed to attract bidders for it’s $28 million estimate. Another high-profile painting, Le Repose de la Danseuse by Matisse failed to sell for the $6 million estimate, despite the Matisse record set at Christie’s Monday night for $33.6 million.

Gauguin’s Te Poipoi (The Morning), a work completed during his time in Tahiti, sold for $39.2 million (despite a $60 million high estimate) to Hong Kong collector Joseph Lau whose telephone bid was the only one. A Picasso sculpture, Tete de Femme (Dora Maar) sold for $29.2 million, just missing it’s $30 million estimate. The seller, a private European collector, tried to sell the same piece at Art Basel Miami Beach last year for $30 million via New York and Geneva dealer Jan Krugier.

Attendees last night were hesitant to declare the bubble burst, and blamed the slow sale on the selection offered by the auction house. Dealer Christophe Van de Weghe reportedly said, “People were saying the estimates were too high.”

According to an article in the New York Times, Manhattan dealer Andrew Fabricant said, “Every piece that didn’t sell had a logical reason. This was not some watershed moment in the market. It’s what happens when the pricing is extremely aggressive and the material is less than stellar.”

Sotheby’s $269.7 Million Auction Falls Short; Van Gogh Unsold [Bloomberg]
Sotheby’s Stock Drops by Record; Van Gogh Has No Bids [Bloomberg]
At Sotheby’s Art Auction, Buyers Were Not Impressed [NYT]

Compared: Three High End Android Devices in India [LG,HTC,Samsung].

Pluggdin (Bangalore, India) April 27, 2011 India, April. 27 — India’s high end android market is growing tremendously and its getting harder and harder to choose the right phone for you, especially with new phones expected to arrive anytime in the very very near future. Here’s our low down on the top 3 high end android phones in India and the ones your should keep your eyes open for.

1) LG Optimus 2X This phone is a prime example of how fast mobile technology is evolving. Currently it is the only dual core phone available in India, that’s right, dual core. The Optimus 2X specs mind boggling, with processing power that can churn out amazing experiences without breaking into a sweat. A quick look at the specs sheet will reveal why:

1 GHz Dual-core NVIDIA Tegra 2 Processor.

512MB of RAM and 8GB internal storage(expandable upto 32GB via micro sd card). here htc incredible s

4″ WVGA screen.

8 MP camera rear facing and 1.3 MP front facing camera Comes with Froyo (2.2), upgradable to Gingerbread (2.3) Full HDMI playback and recording Gyroscope, Accelerometer, GPS, digital compass.

WiFi b/g/n bluetooth 3.0 Gprs, EDGE, 3G.

HDMI mirroring 1500mAh battery ( upto 7Hrs talktime) Approx. Price: Rs 30,000/- clip_image001clip_image003 2) HTC Incredible S Well it’s time to get back to reality, as this phone has more modest specs compared to the our current number one phone, but that’s not to say that this phone does not pack a punch. The Incredible S is just as its name says it, quite incredible indeed. Take a look at the specs sheet for the full story.

1 GHz Snapdragon Processor.

768MB of RAM and 1.1GB internal storage (expandable upto 32GB via micro sd card).

4″ WVGA screen.

8 MP camera rear facing and 1.3 MP front facing camera Comes with Froyo (2.2), upgradable to Gingerbread (2.3) with Sense UI 3.0 HDMI playback and recording Gyroscope, Accelerometer, GPS, digital compass.

WiFi b/g/n bluetooth 3.0 Gprs, EDGE, 3G.

1450mAh battery ( upto 6Hrs talktime) Approx. Price: Rs 28,000/- clip_image005clip_image007 3) Samsung Nexus S:

Coming in at number 3 in our android top phones list is Samsung’s Google phone dubbed the Nexus S. Shockingly Samsung left out a couple of key features that made its Galaxy S phone so successful and adding a few that will definitely grab your attention ( NFC- Near fields communication- chip). The phone although not revolutionary in its hardware, scores big points in software with its “pure Google experience”. If you want the latest version of android updated first, then go for this beast. Strong specs combined with pure android make it one of the best buys. go to web site htc incredible s

1 GHz ARM Cortex A8 Processor.

512MB of RAM and 16GB internal storage (no micro sd card).

4″ WVGA SuperAMOLED screen.

5 MP camera rear facing and 1.3 MP front facing camera Comes with Gingerbread (2.3).

HDMI playback and recording Gyroscope, Accelerometer, GPS, digital compass, NFC.

WiFi b/g/n bluetooth 3.0 Gprs, EDGE, 3G.

1500mAh battery ( upto 7Hrs talktime) Approx. Price: Rs 28,000/- For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com Provided by Syndigate.info an Albawaba.com company

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