Investors bid up shares of Sotheby's Wednesday after sales at a competitor came in stronger than expected, boding well for the auction house.
A Monet painting sold for more than $80 million Tuesday at Christie's in London, breaking the auction record for the French impressionist artist. The action kicked off a week of major modern-art sales at Christie's and Sotheby's.
JPMorgan analyst Steven Rees, who has a "Neutral" rating on Sotheby's, noted that total sale proceeds surpassed the mean estimate by about 14 percent as demand for Impressionist art remains intact.
Rees added he believes the supply for Sotheby's upcoming auction will be "strong."
Additionally, Sotheby's raised prices June 1, meaning he expects sales at the auction to be up about 5 percent from last year.
In afternoon trading, Sotheby's shares rose $1.30, or 5.1 percent, to $26.63.
Terms & Conditions
RSS Headlines
Fool UK