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Above you will find the graph of Sotheby's shares compared to the S&P 500 indice.
What do you see?
1. Sotheby's share price makes long-term cycles. These cycles depends on auctions sales and profits reflecting the most wealthy clients' will to save a part of their fortune through the purchase of art works.
2. The overextension of Sotheby's share price compared to the S&P 500 indice tends to validate an end-of-cycle or a correction in stock markets (1999 and then 2007, 2011, and 2013).
3. During the last move from 2016 to 2017, Sotheby's share price has risen strongly but has not shown a speculative extension of its rise versus its indice yet. Then, it seems that the upside phase might continue a couple of months, though it might become more speculative. And we cannot exclude a short-term correction.
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Written by Jean-Pierre Riepe on July 27th, 2017
