Calls Purchased on Sotheby’s (BID)

Shares of Sotheby’s BID are lower on the session by 7.44%, currently trading at $24.51. The stock has been moving largely lower over the past three months, off from recent highs near $39.00. Options traders are buying calls on the name today, betting that the stock may be at a bottom. The August $30.00 call was purchased 1,000 times, on the offer, on open interest of just 435 contracts. This signals new, bullish positioning on the name. Call volume is now running at 2.46x the daily average. Sotheby's is an auctioneer of authenticated fine and decorative art, jewelry and collectibles. Sotheby's operations are organized under three segments: Auction, Finance and Dealer. Its auction segment functions as an agent, offering authenticated works of art for sale at auction.