Sotheby’s beat expectations for the fourth quarter of 2016, posting a profit of $65.5 million.  “We were cautiously optimistic in November, but as it turns out, the weight in that statement should have been on optimism,” Tad Smith said during the quarterly call with investors. “This quarter demonstrated that when the market stabilizes, let alone when it returns to its secular growth trajectory, our company is poised to capitalize on the upturn and do very well for our shareholders.”

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