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SAN FRANCISCO - Shares of Sotheby's climbed to a new year high Thursday, the day after the auction house exceeded expectations at its contemporary sale Wednesday evening in New York.
Shares rose 89 cents, or 5 percent, to $18.45 in afternoon trading. The stock earlier traded as high as $19.50, edging past a previous 52-week high of $19.48 set a month ago.
The $117 million result Wednesday night was higher than the $69 million to $99 million estimated before the sale, JPMorgan analyst Steven Rees told investors in a research note.
Rees said the results "confirm our belief that an art market recovery is taking hold and improving visibility/upside."
The analyst said auction sales should rise 5 percent or more in fiscal 2010. Rees added that Sotheby's appeared to be taking shares from Christie's in the fourth quarter.
Rees rates Sotheby's "Neutral."
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Data is a real-time snapshot *Data is delayed at least 15 minutes