It was great theater, but ultimately the record price for Edvard Munch’s “The Scream” won’t do all that much for auction house Sotheby’s, two analysts told CNBC Thursday.
The auction of the one version of Munch’s iconic painting in private hands sold for $107 million, but with commission and other costs the price came to $119.9 million. That was part of a record $330.6 million evening for Sotheby’s Wednesday.
“It was a magical night” and the auction “was fun to watch,” said Williams Capital Group analyst Marc Riddick, who has a “prefer/hold” rating on the stock, with a price target of $34.50.
Still, the auction house is facing “very difficult” comparisons to the first half of last year, when the art market was “incredibly strong and very broad and diverse,” Riddick told CNBC’s “Squawk on the Street.”
“So while ‘The Scream’ [auction] is an incredible thing to watch, the overall art market is much healthier when you have more options and more lots with more diversity,” he said.Page 1 of 3 | Next Page