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Hedge fund manager Chanos says art market frothy, shorting Sotheby's
November 20, 2014 / 1:22 PM / 3 years ago

Hedge fund manager Chanos says art market frothy, shorting Sotheby's

LONDON (Reuters) - Hedge fund Kynikos Associates founder James Chanos said the art market is frothy and he is currently shorting Sotheby‘s, a global auctioneer of art and jewellery.

“I am not here to bury the art market, I am an art collector myself,” the short-seller, who is better known for his bearish bets on China, said at the Sohn Investment Conference in London on Wednesday.

“But I do think that there are inherent risks in this sort of cyclical business,” he added.

Chanos, the founder of Kynikos, managed about $4 billion at the end of Feb. 2014, according to a filing with the Securities and Exchange Commission.

Reporting by Simon Jessop and Nishant Kumar; editing by Susan Thomas

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