Art auctioneer Sotheby’s (BID) reported Q4 EPS of $1.09, compared with analysts’ consensus estimate of 67c.  The company’s revenue was also higher than expected.  Sotheby’s noted that its auction commission margin jumped to 20.4% in 4Q09 compared with 16% in 4Q08.  Sotheby’s said that the increase in its margins was made possible by its "revenue enhancement strategies" and the 28% reduction in its expenses, which fell to $47.5M.  "(Our) momentum has continued into 2010," said Sotheby’s CEO Bill Ruprecht.  "We have just held Impressionist, Modern and Contemporary Art sales in London which have been among our best ever, with both sales surpassing their high estimates by wide margins," Ruprecht added.

In a note to investors today following the release of Sotheby’s results, Wedbush analysts Rommel Dionisio and Kurt Fredrick wrote that global art market trends are "sharply improving."  The analysts raised their target on the stock to $30 from $28 and reiterated an Outperform rating on the shares.  In early afternoon trading, Sotheby’s climbed $1.14, or 4.69%, to $25.44