Changing Valuations
Over the past year we have seen substantial changes in auction outcomes as expressed in US dollars. Auctions of course are priced in local currencies, the dollar, pound [-5%] and euro [-12.5] predominate but there are also sales in Mexican pesos, Canadian dollars, Australian dollars [-27.5% ] Swiss francs and occasionally a few others. We always convert to dollars to make comparison easier. This said, this past year has seen dramatic shifts in currency values that are affecting the overall market by creating larger differences in outcome by region.
Of course, in a...
