Sothebys BID 0.12% shares were up more than 4.6 percent on Thursday following news from rival auction house Christie’s that long-time chairman Brett Gorvy is departing the company. Gorvy spearheaded an era of massive success for Christie’s while serving as head of postwar and contemporary art.
Gorvy will be teaming up with dealer Dominique Levy to create the brand new Levy Gorvy gallery.
Traders may be speculating that Gorvy’s absence at Christie’s will be an opportunity for Sotheby’s. The departure of Christie’s top contemporary art executive could leave the door open for Sotheby’s to swoop in and target collectors that were loyal to Gorvy.
Sotheby’s has also been aggressively pursuing targeted acquisitions to better-position itself in the art world. Sotheby’s recently acquired Orion Analytical, a state-of-the-art firm that specializes in art inspection and forgery identification. The acquisition suggests Sotheby’s is placing an added emphasis on security and likely means that each piece of art passing through the house will soon be subject to a heightened level of scrutiny.
Sotheby’s also purchased the Mei Moses Indices last month. The indices were created…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
