As Europe appeared to reach a debt deal today, Sotheby’s stock climbed almost 9.5 percent in trading, closing at 36.50, up 3.15 points. The spike continues a five-day span that has seen the stock jump almost 21 percent. Over the same period, the Dow Jones and S&P 500 averages rose just under 6 percent.
The auction house is getting ready to announce its quarterly earnings on Oct. 31, and is coming off of what was its best quarter in history, having posted $129.7 million in profits in the second quarter. Its sales totaled $3.4 billion during that period.
These record profits have been highlighted by locked-out Sotheby’s unionized art handlers, who say that the company is trying to shorten their hours, cut back on overtime time and hire more non-union employees.
Sotheby’s stock is now down 14.74 percent over the past 12 months.