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Sotheby’s (BID) fell 5.4% on Wednesday morning in reaction to a disappointing auction last night of some major impressionist and modern artworks at Christie’s (a private company). Paintings by Picasso, Degas and others did not sell, and the auction brought in 140.8 million, below expectations for $211.9 million to $304.3 million, notes Citi analyst Oliver Chen.
“Many of the pieces that did not sell were considered ‘star pieces.’ There was very little bidding on the works that did sell, based on our proprietary sources. This was Christies lowest sales total in two years,” Chen writes.
Sotheby’s will hold an auction tonight at 7 p.m.
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