Sotheby’s (NYSE:BID) Hold 1st Sale Dedicated to Gold

Sotheby’s (NYSE:BID) Hold 1st Sale Dedicated to Gold

Sotheby’s (NYSE:BID) Held 1st Sale Dedicated to Gold

$BID

From a sculpture of model Kate Moss to an elaborate elephant liqueur set, an array of items made with gold went under the hammer last week in auction house Sotheby’s (NYSE:BID)  ever sale dedicated to the precious Yellow metal.

From antiquities to contemporary pieces, “The Midas Touch” sale on 17 October in London features jewelry, art, furniture – and even a Ferrari sports car.

“It’s the 1st time we have had a sale totally devoted to gold,” Constantine Frangos, senior director at Sotheby’s, said.

“We are looking at gold objects that are pure gold, objects that are gilt gold, which means that there is gold leaf on them or the color gold. So we’ve kept it pretty open to cover all types of gold.”

Among the highlights is an 18 carat gold sculpture of Ms. Moss’ head made by British artist Marc Quinn.

The 1977 Ferrari 512 BB model, whose paintwork boasts a rare shade of gold sold for just over $511,000.

“This was the only 512 BB finished in Oro Chiaro Metallizzato over Testa di Moro Fully restored in Modena by marque experts. Just three private owners from new,” Sotheby’s said. “Its paintwork is a seldom seen shade of metallic gold, dubbed Oro Chiaro Metallizzato, which beautifully contrasts with a chestnut brown leather interior, called Testa di Moro. Only four 512 BBs were painted in Oro Chiaro Metallizzato, and only this car left the production line with its interior trimmed in Testa di Moro brown.”

“It’s the rarity of gold,” Mr. Frangos said of the metal’s popularity. “Gold is extremely rare, and it’s one of the few materials that can’t be reproduced. There is no such thing as man-made gold.”

Symbol Last Trade Date Change Open High Low Volume
NYSE:BID 43.57 22 October 2018 -0.23 44.08 44.49 42.99 275,047
HeffX-LTN Analysis for BID: Overall Short Intermediate Long
Bearish (-0.36) Bearish (-0.34) Very Bearish (-0.50) Bearish (-0.25)

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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