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Sotheby's

BID

Sothebys : Hedge fund manager Chanos says art market frothy, shorting Sotheby's

November 19, 2014 at 12:50 pm EST

LONDON (Reuters) - Hedge fund Kynikos Associates founder James Chanos said the art market is frothy and he is currently shorting Sotheby's, a global auctioneer of art and jewellery.

"I am not here to bury the art market, I am an art collector myself," the short-seller, who is better known for his bearish bets on China, said at the Sohn Investment Conference in London on Wednesday.

"But I do think that there are inherent risks in this sort of cyclical business," he added.

Chanos, the founder of Kynikos, managed about $4 billion at the end of Feb. 2014, according to a filing with the Securities and Exchange Commission.

(Reporting by Simon Jessop and Nishant Kumar; editing by Susan Thomas)

Valeurs citées dans l'article : Sothebys, HIS, EXCHANGE

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Sotheby's is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. The Company operates through two segments: Agency and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process. The Finance segment is engaged in art-related financing activities by making loans that are secured by works of art. The Company's advisory services are classified within All Other segment.

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