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Is Sotheby's Earning Its Keep?

http://www.fool.com/investing/general/2013/01/08/is-sothebys-earning-its-keep.aspx

Seth Jayson
January 8, 2013

Margins matter. The more Sotheby's (NYSE: BID  ) keeps of each buck it earns in revenue, the more money it has to invest in growth, fund new strategic plans, or (gasp!) distribute to shareholders. Healthy margins often separate pretenders from the best stocks in the market. That's why we check up on margins at least once a quarter in this series. I'm looking for the absolute numbers, so I can compare them to current and potential competitors, and any trend that may tell me how strong Sotheby's competitive position could be.

Here's the current margin snapshot for Sotheby's over the trailing 12 months: Gross margin is 56.5%,