No Sale For Pricey Van Gogh
The non-sale had a big impact on Sotheby's stock. In the days after the sale, shares of Sotheby's stock fell 28% yesterday based partly on fears that the action house is spending too much on money guarantees promised to sellers whether or not their art sells. Because the Van Gogh that didn't sell was guaranteed, Sotheby's now owns the painting. In these situations Sotheby's often then sells the painting privately to a dealer or collector.