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Non-Tech : Sotheby's (BID) Auction House -- Ignore unavailable to you. Want to Upgrade?

To: Steve Andrew who wrote (188)	2/19/1999 4:56:00 PM
From: Iceberg	Read Replies (1) \| Respond to of 236

Hi Stevie Wonder <just kidding> >The 1,500# of art dealers is not any great victory considering BID queried over 3000 dealers (Near 50% hit ratio) Assuming they did query 3000 dealers and got a 50% response rate, that seems extremely high to me. My understanding is that response rates of 2-5% would be considered normal for most business queries. >I am waiting for the stock to trade down to 28.5 (+/- 1%) as that is where the last breakaway gap occured and I am a believer in gap refills. I've not seen any statistics on the percentage of gaps that get filled relative to those that don't get filled and over what period of time. But you may be right. Maybe there are lots of folks selling just so they can see that gap get closed? I can't think of any other reason to be selling BID right now. <g> >wait for the complete Internet response from Christies, due March 1. I do feel that BID might become a better buy near then as Christies seems to be out-to-lunch on its web auction strategy. Assuming Christies does announce something worth listening to on March 1, and Sotheby's earnings are due out on March 2, that should be an interesting time frame to observe. >I DEFINITELY think the competitor to watch is Yahoo+Butterfield(they did the O.J.auction earlier this week and were quite successful with the eyeballs they drew. Perhaps the better competitors do, the better Sotheby's will do in the electronic environment too. Fast food joints, for example, often do better when all are grouped together around one busy intersection than when they are not grouped together. I appreciate your insights. Thanks. Oh, and BTW, where did you get the "3000 dealers" figure? Ice