THE SPARK: Wedbush analyst Rommel Dionisio maintained his "Outperform" rating on Sotheby's ( BID - news - people ) shares saying the presale estimates for Sotheby's Hong Kong Asian art auction in October are 10 percent higher than last year.
THE BIG PICTURE: Asian art is in high demand by Chinese buyers as their wealth continues to grow. The fall season is traditionally one of the busiest for auction houses.THE ANALYSIS: Dionisio said Sotheby's shares tend to rise during the company's big auctions in the fall. Shares usually retreat in the weeks after the Impressionist and modern art auction which takes place in early November.
"History would indicate that, with seven weeks to go before the upcoming Nov. 2 Impressionist auction, now would be a timely period to accumulate shares," Dionisio said in a note to clients.
SHARE ACTION: Sotheby's shares rose $1.40, or 4.1 percent, to $35.73 in afternoon trading Tuesday after trading as high as $36.08 earlier in the session. Its shares are down from a 52-week high of $55.67 in early April. They have traded as low as $29.80 a year ago. source http://www.sacbee.com
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