Monday, September 15, 2008
Sotheby's shares were dropping last week because of rumours that the Damien Hirst auction that starts today would go badly. Lehman Brothers has just collapsed. The timing of the auction thus becomes very bad for Damien, but very good for future historians of the end of an era of foolish money. Unless, of course, investors decide Damiens are a safe haven. Folly can be very persistent.
Posted by Bryan Appleyard at 6:51 am