A few months ago, I discussed the various auction companies such as Sotheby's (BID). Sotheby's recently increased their dividend by 50%. For the last several months, I have continued to describe how the auction market has remained hot, no matter what the stock market is doing. For example, there is the $2 million for John Lennon's eyeglasses. There was the $2.3 million for a two inch chair. There was also $312,000 for Jerry Garcia's guitar.
This is a perfect example. Christie's recently sold a Ferrari that had been owned by the famous actor, Steve McQueen. It sold for $2.3 million, almost twice the high estimate.
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