Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of auction house Sotheby's (NYSE: BID) had bidders flee as they fell 10% today after the company reported weaker-than-expected earnings.

So what: Revenue climbed 17% to $119.6 million, which was slightly above expectations, but the bottom line was hurt by increased operating expenses. Those costs brought earnings per share down to $0.03, a penny below expectations.

Now what: The slight earnings miss has been the focus today, but the first quarter is usually a loss quarter for the company, so it isn't all bad. The results were also negatively affected by inventory writedowns, which shouldn't hamper long-term results. I see this as a buying opportunity for this Motley Fool Hidden Gems pick based on growing revenue and improving profitability.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Sotheby's is a Motley Fool Hidden Gems pick. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.