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Sotheby’s 2nd Quarter Profit Rises After Tax Benefit

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Aug. 6 (Bloomberg) -- Sotheby’s said second-quarter profit rose 7 percent, thanks primarily to a net income tax benefit recognized by the New York auctioneer.

Sotheby’s reported a profit of $91.7 million, or $1.33 a share, up from a year-ago profit of $85.4 million, or $1.24 a share. Revenue was little changed, at $304.9 million.

Profit per share fell short of the $1.37 average estimate of five analysts surveyed by Bloomberg. The auctioneer benefited from a $6.8 million tax benefit in the second quarter, it said in a release. Expenses rose 2 percent to $171.6 million.

“Our business and the market for quality art at the high end continue to be strong,” said William Ruprecht, chairman and chief executive officer, in a statement.

Sotheby’s shares are up about 34 percent this year. Today, they fell 23 cents to $44.91 in New York Stock Exchange trading.

To contact the reporter of this story: Philip Boroff in New York at pboroff@bloomberg.net.

To contact the editor responsible for this story: Manuela Hoelterhoff in New York at mhoelterhoff@bloomberg.net.

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