Since February of 2011, Sotheby’s stock valuation has been on a slow decline, signaling a potential downturn in the global art market. Earnings per share, recorded last year at $2.46, are now down to $1.68, and sales are projected to fall 9.4%, caused in part by a weaker asian market than 2011’s record setting year. Analysts are comparing the current state of the art market to the dot com bubble of the the early 2000’s. “It hearkens back to what the Japanese were doing with buildings in New York in the late 1980s.” says Yale University lecturer Vikram Mansharamani.
Read more at the Wall Street Journal