Puts Purchased on Sotheby’s (BID)

Shares of Sotheby’s BID are higher on the session by 3.78%, currently trading at $23.34. The stock has been trading lower over the past few weeks, breaking down through the 50-day and 200-day moving averages along the way. Options traders are picking up some puts today. The July $22.50 strike was purchased 1,000 times, on open interest of 1,100 contracts and the August $22.50 strike was purchased 1,000 times on open interest of 429 contracts. Put volume is now running at 3x 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.