Cutbacks and layoffs at Sotheby’s as losses mount

No, not the real estate division of Realogy, the art auction house, which no longer has any connection with the house peddlers other than a shared name. Still, if the very people who used to buy our houses are now holding off on adding a Picasso to their walls, it’s probably not great news.

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2 responses to “Cutbacks and layoffs at Sotheby’s as losses mount

  1. anonymous

    During Bubble, part of rationale for absurd house/apt prices was that a painting or two could easily cost more than an impressive Greenwich house or UES apt…and stuff is cheap when it keeps going up in value forever, right???….no surprise, both asset bubbles are “correlated”

    BTW, amusing how so many w/(formerly) highly valued art lived in (formerly) costly apts/houses mysteriously lacking competent HVAC, wiring, plumbing and other basics…details, details…

  2. christopherfountain

    It’s long been my suspicion that certain home builders kept up the recorded sale price of their projects by adding a few expensive art works at closing and then buying them back after the sale. That, of course, would be illegal, so no one is likely to come forward and admit it, but there have been a number of sales, over the years, of early project sales going at one level and then later homes selling for millions less. Got me wondering.