Puts Purchased on Sotheby's

Shares of Sotheby's BID are lower on the session by 4.68%, currently trading at $33.20. The stock has been moving largely lower over the past three months and is currently trading below the 50-day moving average. Options traders are buying puts on the name today. A short while ago the 2011 September 2011 $30.00 put traded 530 times on open interest of 158 contracts. Overall put volume is now running at 2.47x the daily average with 90% of all puts traded being purchases on the offer. Sotheby's is an auctioneers of authenticated fine and decorative art, jewelry and collectibles. Sotheby's operations are organized under three segments: Auction, Finance and Dealer.