Bloomberg Business has posted a video with art market reporter Katya Kazakina on the art market, but the major news seems to be YTD 1sst quarter Sotheby's sales are off close to 33% when compared to 2015, this after an $11 million 4th qtr 2015. Additionally there is talk of slowness in the market, but there is good news. While auction sales appear to be sagging, private sales through galleries are considered strong.
It also notes some of the changes at Sotheby's, such as the recent purchase of Art Agency Partners with the hopes of increasing private sales. But overall, it looks as if the next several quarters for Sotheby's is going to be rough.
I tried to embed the video with no luck, the direct link to watch is
http://www.bloomberg.com/news/videos/2016-02-26/sotheby-s-auction-sales-down-33-this-year
Bloomberg reports
Source: Bloomberg BusinessSotheby’s, the auctioneer that’s undergoing a management shakeup under pressure from activist hedge fund manager Dan Loeb, forecast a significant first-quarter loss amid a decline in auction sales. Bloomberg's Katya Kazakina reports on "Bloomberg Markets."
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