Sotheby's Rallying On Strong Q2 (BID)

Auction house Sotheby's BID said its second quarter net income soared to $86.2 million on sharply higher revenue from its art auctions, sending shares sharply higher. The company beat on both the top and bottom lines. Earnings per share of $1.26 was 19 cents ahead of analyst expectations. Revenues soared 68% to $281 million, easily topping the $242 million consensus. Sotheby's CEO Bill Ruprecht said, "These are excellent results and are indicative of the improving art market we have been experiencing since last autumn." Shares of Sotheby's are higher by $2.20, or 7.99%, to $29.75.