Sotheby's (BID) on Wallstrip...Don't Pick Your Nose or You May Own it.

It’s fitting that Sotheby’s (BID) makes it to Wallstrip before Ebay. Score another one for the bluebloods and Thurston Howell’s of the world. Loveeeee.

Sotheby’s has embraced technology to stay a leg up on arch rival Christie’s. It is also the world’s oldest auction house. Here is their Wikipedia page .

Here is their Google Finance page . There are no public market competitors.

I have written about Sotheby’s in the past as a ‘loose money’ market indicator. Here is n excerpt from April:

My personal favorite indicator these days is Sotheby’s. Sotheby’s is a global auction house selling expensive shit. The stock is rocking like never before. Very Wallstrip worthy. It is spiking past 1999 highs when the internet Billionaires were whipping around money. Historically, that has never been good. Now it’s the Emerging Market Billionaires blinging themselves up and buying art. This silly Sotheby’s indicator is my one of my major concerns. Seems like way too much money out there.

Sure enough we had a major swoon in August. I have to say that watching Sotheby’s crash made me nervous back in August, but it has rebounded sharply for now. With the fed in loose mode and bazillionaires coming out of the woodwork, this Sotheby’s run may just be getting started. Brian has a detailed look at the technicals and recent price action:

Disclosure – No position.