Welcome back to Wall Power, your twice-weekly report on the art market. The slow-simmering Sotheby’s story has suddenly begun to boil. The Wall Street Journal’s prominent piece last week alluded to a cash crunch at the auction house—with surprisingly little to back up the claim. Of course, that moved the company’s dwindling cash position from an offstage saga to a starring role. Now, consignors, creditors, and employees, both current and former, are on high alert. Will Sotheby’s get its essential cash infusion in time to save the all-important November sales? What’s going on with the much-touted—but now oft-second-guessed—acquisition of the Breuer building? If the Emiratis can’t or won’t close, would a bridge financing be necessary? If so, who might step up?
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