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BID

Sotheby's

$50.51

0.97 (1.96%)

11:21
05/19/17
05/19
11:21
05/19/17
11:21

Sotheby's rises after Basquiat painting sets new record

Shares of art auctioneer Sotheby's (BID) are trading higher after the company auctioned off a work of art by painter Jean-Michel Basquiat for a record $110.5M. WHAT'S NEW: The 1982 Basquiat painting, called "Untitled," was bought by Japanese billionaire and Zozotown founder Yusaku Maezawa after just ten minutes of bidding, Sotheby's said. The painting surpassed the previous record for a work by a U.S. artist at auction, which was $105.4M paid for Andy Warhol's "Silver Car Crash (Double Disaster)." Sotheby's said "Untitled" was a critical landmark in Basquiat's career because it "declared the arrival of the brilliant, then virtually unknown young artist into a world that would be forever transformed by his paintings." WHAT'S NOTABLE: Sotheby's announced earlier this week that it sold a pair of diamond earrings for $57.4M, making the set the most expensive earrings ever sold at auction. The set consists of the 14.54-carat "Apollo Blue" earring, which sold for $42.1M, and the 16-carat "Artemis Pink" diamond, which brought in $15.3M. Tad Smith, Sotheby's chief executive officer, suggested earlier this month that fine art prices have room to grow based on the spending power of the world's billionaires, CNBC reported. PRICE ACTION: Shares of Sotheby's rose nearly 2% to $50.40 in late morning trading.

  • 22

    May

BID Sotheby's
$50.51

0.97 (1.96%)

02/28/17
CHLM
02/28/17
NO CHANGE
Target $44
CHLM
Hold
Sotheby's price target raised to $44 from $35 at Craig-Hallum
Craig-Hallum analyst George Sutton raised his price target for Sotheby's to $44 from $35 after the company wrapped up a productive 2016 with a "solid Q4 print," with in-line earnings and revenues that exceeded estimates driven primarily by continued improvement in auction commission margins. He reiterates a Hold rating on the shares.
12/23/16
SIDC
12/23/16
INITIATION
Target $54
SIDC
Buy
Sotheby's initiated with a Buy at Sidoti
Sidoti initiated Sotheby's with a Buy and a $54 price target.
12/16/16
12/16/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger saying he expects shares to outperform driven by new product growth. 2. General Electric (GE) upgraded to Outperform from Market Perform at Bernstein with analyst Steven Winoker citing valuation and his belief that the company has multiple positive catalysts. 3. Clorox (CLX) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Dara Mohsenian saying valuation is somewhat more compelling given recent underperformance while organic sales growth has improved and potential tax policy changes should be beneficial. 4. ADP (ADP) was upgraded to Conviction Buy from Neutral at Goldman while the firm upgraded Paychex (PAYX) to Buy from Neutral. 5. Sotheby's (BID) upgraded to Outperform from Market Perform at Cowen with analyst Oliver Chen saying he believes the company's transformation under new management is in the early innings and likely to gain momentum next year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/16/16
12/16/16
UPGRADE
Target $45

Outperform
Sotheby's upgraded to Outperform on turnaround progress at Cowen
As previously reported, Cowen analyst Oliver Chen upgraded Sotheby's to Outperform from Market Perform, as he believes the company's transformation under new management is in the early innings and likely to gain momentum next year. Chen, who said better sell-through rates indicate that current demand is healthy, raised his price target on Sotheby's shares to $45 from $38.

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