Interesting chart: For the past 2 bubbles, when Sotheby's pops above the SPY on a comparison basis, it marked the time to begin to think about getting out of the market. The prior period had small drops in the market when BID was above the S&P500. If the tops in Sotheby's stock reflect more sales activity of the rich in their excessive overbidding for items, does this represent a tell that optimism is rampant throughout the system and all players in the economy are participating in bidding everything up and beyond a rational norm? After watching a few Sotheby auctions on channel called HD Theater, the narrator of the show points out that the awful economy is reflected in the lack of a premium bid for some of the cars up for auction.
What is funny is those Greyhairs buying lots of multimillion dollar cars to put in the Garage so it can get waxed on occasion look like the same old farts at the Tea Party rallies.