Have the markets for fine art, classic cars and super-prime property peaked?
Property prices in super-prime areas such as Kensington and Chelsea are reported to be down some 15% compared to 2014 and this season’s car auctions in London and beyond have undoubtedly flatlined. With the city’s key art events about to commence, one has to question where that market is going also and, to a degree, an answer was provided by Business Insider in an article on Monday.
In it, Jonathan Marino reported that Sotheby’s now has a portfolio of loans of £856 million ($1.3 billion) and has seen its share price drop by 25% so far in 2015. What worries analysts, according to the article, is that Sotheby’s most profitable business is no longer auctions and elsewhere such sales as Bonhams’ Goodwood Revival and RM Sotheby’s’ Battersea auctions saw especially poor results this season.
It is now time to batten down the hatches. The good times seem to have passed.
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