Eli Broad, where are you?

Never mind the stock market - if you want to get a nervous feel for where the economy is headed, take a look at last night's Sotheby's auction in NY. All told, $269.7 million was taken in, a third less than what had been expected. Sotheby's had promised sellers guaranteed prices for works by Van Gogh and Picasso, among others, regardless of whether the pictures sold. Some didn't, including Van Gogh's "The Fields (Wheat Fields)'' and Georges Braque's "L'Echo." Back in August, L.A. billionaire Eli Broad said art prices would fall as a result of the credit-market losses. It's the NY action that may slow down significantly, what with the hedge fund guys taking it on the chin (at least compared with last year). From Bloomberg:

The art-market boom quadrupled values for the top contemporary works, and sent values for Andy Warhol and Mark Rothko up many times more. Investors betting on a decline sold short 8.2 million Sotheby's shares, or about 13.3 percent of the stock available for trading, according to New York Stock Exchange data on Nov. 6. Short sellers sell borrowed shares, aiming to replace them with stock bought later at lower prices.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: Nasdaq is sinking

Next story: Iger on strike

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook