“It’s very simple: the Damien Hirst will fail,”


NEW YORK—Sotheby’s stock tumbled yesterday amid fears that its big Damien Hirst sale could flop, Bloomberg reports.

The auction house has estimated earnings of more than £65 million pounds ($114 million) for the three-session, two-day, 223-lot London sale, but investors clearly have doubts, with the price of a Sotheby’s share down 8 percent after yesterday’s trading in the New York Stock Exchange. In total, the stock’s value has dropped 40 percent this year and 60 percent from a peak in October 2007.

“It’s very simple: the Damien Hirst will fail,“ said Asher Edelman, a New York dealer and former corporate raider. “The view of Monday night [when the most expensive Hirsts will be on offer] is very skeptical.”


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