![]() Michael Pachter-a top analyst of software, digital-media, and e-commerce companies for the long-respected financial-services firm Wedbush Securities-judged GameStop to be worth just $16 a share. Last week’s finishing kick also ended the company’s “most volatile 10-day period on record,” including a moment Friday when it qualified as “the most actively traded US company with a market value above $200 million.” In short, despite dangling its fattest price tag ever, GameStop was one of the hottest stocks on Wall Street.įor comparison, Citron Research, an influential 20-year-old firm that bills itself as having “amassed a track record identifying fraud and terminal business models second to none among any published source,” projected last week that GameStop would go back to $20 a share. Even after more than doubling the prior week, they landed at $65.01 when the markets closed Friday-51 percent higher than where they began trading that same morning, per Bloomberg. GameStop shares opened the year priced at $17.25 yet have launched almost vertically in the time since. By exploring the points of contrast between the two, we can understand each of the individual markets better-and perhaps begin to think through how much this industry could change, for better or worse. The story also captures ways in which the stock market represents a kind of photographic negative of the art market : where one is strong, the other is weak, and vice versa. Although the clash over this particular company only recently escalated to newsworthy levels, it is just the latest (and perhaps most heated) campaign in a much longer-building struggle between old Wall Street and a fresh-faced class of investing outsiders. ![]() Last Friday, young online day traders notched a stunning win against institutional investors by driving the price of videogaming retailer GameStop to record highs on the New York Stock Exchange. This week, a gut check for anyone who thinks there’s no speculation as wild as art-market speculation… The column decodes important stories from the previous week-and offers unparalleled insight into the inner workings of the art industry in the process. ![]() Every Monday morning, Artnet News brings you The Gray Market.
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