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Sotheby’s Rallies Most Since 2011 on Higher Profit, Margins

  • Lower expenses, better margins, Asian sales drove net income
  • CEO Smith sees art market ‘paradox’ with reluctant sellers
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Sotheby's Rallies Most Since 2011 on Asian Art Sales

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Sotheby’s rallied the most in more than four years as lower costs, improved commission margins and a jump in Asian art sales fueled higher earnings at the auction house.

The stock rose 13 percent to $36.49 in New York, the biggest gain since November 2011, after the company said Monday that second-quarter profit increased 31 percent. Adjusted earnings of $1.51 a share exceeded the $1.04 average estimate of analysts in a Bloomberg survey.