Hedge fund manager Chanos says art market frothy, shorting Sotheby's
Reuters
Published Nov 19, 2014 12:51PM ET
Hedge fund manager Chanos says art market frothy, shorting Sotheby's
LONDON (Reuters) - Hedge fund Kynikos Associates founder James Chanos said the art market is frothy and he is currently shorting Sotheby's (N:BID), a global auctioneer of art and jewelery.
"I am not here to bury the art market, I am an art collector myself," the short-seller, who is better known for his bearish bets on China, said at the Sohn Investment Conference in London on Wednesday.
"But I do think that there are inherent risks in this sort of cyclical business," he added.
Chanos, the founder of Kynikos, managed about $4 billion at the end of Feb. 2014, according to a filing with the Securities and Exchange Commission.
(Reporting by Simon Jessop and Nishant Kumar; editing by Susan Thomas)
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