{"id":520617,"date":"2010-04-08T13:15:00","date_gmt":"2010-04-08T17:15:00","guid":{"rendered":"e2249889-c78b-43e3-9643-b1d7d4aa587b:420419"},"modified":"2010-04-08T13:15:00","modified_gmt":"2010-04-08T17:15:00","slug":"rise-in-sothebys-stock-bullish-sign-or-bearish","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/520617","title":{"rendered":"Rise in Sotheby&#8217;s stock: Bullish sign or bearish?"},"content":{"rendered":"<p>Call it a froth indicator. <a >Sotheby\u2019s<\/a><br \/>\n(BID) is a stock that shoots skyward when the mood turns bullish. It<br \/>\ndid so in 1999, at the height of the dotcom bubble. It did so again in<br \/>\n2007. And right now, it\u2019s once again repeating its levitation act.<\/p>\n<p>The Money Game blog is not impressed. It calls the auction house \u201cthe<br \/>\nultimate bubble stock\u201d and notes that it\u2019s \u201cinfamous for timing major<br \/>\nmarket peaks and troughs.\u201d In early March, the blog noted that<br \/>\nSotheby\u2019s had regained its pre-Lehman levels. Since then the shares<br \/>\nhave gained another 10%.<\/p>\n<p>You can read Sotheby\u2019s rise as a sign of irrational exuberance, but the Wall Street Journal\u2019s Heard on the Street <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052702303720604575170333675773288.html\" >column<\/a><br \/>\nsees it as an opportunity. It notes that Sotheby\u2019s derives much of its<br \/>\nprofits from sales of art and that art sales \u201cmove in close tandem with<br \/>\nthe global money supply.\u201d Given the ultra-loose state of money supplies<br \/>\nat the moment, the column sees more gains ahead for Sotheby\u2019s.<\/p>\n<p><font size=\"4\"><font face=\"Verdana, Helvetica, Arial\"><span style=\"font-size:13px;\">Freelance business journalist <b>Ian McGugan<\/b> blogs for the Financial Post.<\/span><\/font><\/font><font size=\"6\"><font face=\"Times New Roman\"><span style=\"font-size:24px;\"> <\/span><\/font><\/font><br \/>\n&nbsp; <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/network.nationalpost.com\/NP\/aggbug.aspx?PostID=420419\" width=\"1\" height=\"1\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Call it a froth indicator. Sotheby\u2019s (BID) is a stock that shoots skyward when the mood turns bullish. It did so in 1999, at the height of the dotcom bubble. It did so again in 2007. And right now, it\u2019s once again repeating its levitation act. The Money Game blog is not impressed. It calls [&hellip;]<\/p>\n","protected":false},"author":4060,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-520617","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/520617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4060"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=520617"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/520617\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=520617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=520617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=520617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}