Sotheby's stock rose Thursday on solid results from its contemporary art auction Wednesday, which included works by Andy Warhol, Damien Hirst and Jeff Koons.
One artwork, a three-panel painting by Francis Bacon, broke a record for contemporary art after selling for more than $86 million at the New York auction.
Dana Cohen of Banc of America Securities said in a client note that the company sold 89 percent of the 83 lots available, pulling in $320.6 million, within range of the auction house's forecast for $291.9 million to $361.9 million in sales.
Although some of the unsold works were high-priced items, including a $35 million Mark Rothko that Sotheby's owns part of, Cohen expected the overall impact to be a "wash," as other pieces sold higher than their estimates.
The analyst reiterated a "Neutral" rating.
Last week Sotheby's said it swung to a first-quarter loss and said it plans to raise prices starting June 1.
Shares of Sotheby's added $2.06, or 7.7 percent, to $28.76. The stock has traded in a 52-week range of $23.75 to $61.40.
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