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Sotheby’s Q4 Profit Rises 31% on Recovery in Art Sales (BID)

Famous auction house Sotheby's ( BID ) late Monday said its fourth quarter profit jumped 31% from last year, marking the company's most profitable quarter in over three years.

The New York-based company reported fourth quarter net income of $96.2 million, or $1.38 per share, compared with $73.6 million, or $1.09 per share, in the year-ago period.

Revenue surged 46% from last year to $318 million.

On average, Wall Street analysts expected a smaller profit of $1.32 per share, on lower revenue of $298 million.

CEO William Ruprecht said in a statement that "The recovery of the global art market, which was aided in part by the increased buying activity of clients from new markets, certainly contributed to these results."

Sotheby's shares fell 91 cents, or -1.9%, in premarket trading Tuesday.

The Bottom Line

Shares of Sotheby's ( BID ) have a .41% dividend yield, based on last night's closing stock price of $49.22. The stock has technical support in the $43-$45 price area. The shares are approaching all-time highs around the $54-$55 price levels.

Sotheby's ( BID ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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