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Thanks to rich people, Sotheby's (BID) will be just fine

posted 515 weeks ago on The StockMasters - Investing News and Analysis, Hot Stock Tips, Stock Marke

Sotheby's  (Public, NYSE:BID) shares were hit hard yesterday like an art auction gone bad falling $14.23, almost 30% in value.  The hating continues today with BID down 6% and shares now trading around $33 -- going once, going twice.  The Masters wouldn't be surprised if we see a new 52-week low next week but Sotheby's caters to the one crowd that despite how much they lose on the market, they've got plenty more tucked away - rich people.  The analyst downgrades have come in, there's talk of 'an art auctions recession' and Vincent Van Gogh's "Wheat Fields" only went for $270 million instead of the expected $355 million.  Before we even get into the numbers, I just have to say, "boo-hoo"

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