. >> coming up, sotheby's has its biggest auction ever. what's behind the soaring prices as the fall auction season gets under way. >> well, the fall art auction season kicked off last night in sotheby's in new york city and the prices paid were eye popping. robert frank has more including a looking into who is doing all of this buying. >> last chance. and selling for $90 million. >> it was a night of big prices and small sculptures as sotheby's kicked off the fall auction megasales in new york. the impressionist and modern sale raked in more than $420 million, the highest total ever for a sotheby's auction. the star of the night was a sculpture titled chariot that sold for $90 million or $101 million including commission. just shy of the all-time record for a sculpture. >> chariot is considered jaco metty's masterpiece and one of only six made with only two remaining in private hands. >> the sculpture of a goddess head went for almost $71 million, way above the $45 million estimate. soaring prices in the art market are being driven largel

i think you'll get more of the activists talking sotheby's.he stock has been awful. >> the stock is up 1.5%, not down. it is up 1.5%, and that's what you would think. if dan loeb is agitating for change, this would indicate that perhaps he does have the power now enact change with the ceo ousted >> yes, i think so. and i think the business needs to involve. there's some real competitors, paddle 8 online, so they need to involve. and i think they may -- i know loeb seems to have thought of him as a barrier to that. >> i agree, i would be a buyer of this one on this news. it's not a slam on the ceo, but an endorsement of dan loeb. and when you have an activist that finally starts getting their way, those stocks move. >>> time now for pops and drops. big movers of the day, pop for dillards, up 9%. >> marcatto put out a plan to put it into a reit structural, although i think that's going to be really hard to do. the dillard family seems to be firmly in control. not expensive here, but i wouldn't buy it on the reit only hope. >> pop for intel, up 5

shares of sotheby's jumping. there is a big piece of news within the report that investors need to know about. our wealth editor robert frank here with the details. >> the earnings were pretty good and should be given we are in one of the strongest art markets in history. during the conference call this morning the company said it is taking a charge of $20.1 million to pay fees associated with activist campaign. that 20 million is about half of sotheby's entire net income. dan loeb won the battle getting three board seats and $10 million goes to loeb to reimburse him. sotheby's paying dan loeb the cost for waging war. the price down almost 10% when it was first disclosed that loeb had taken the stake and down from may. sotheby's could make some of it back tomorrow night. they hold one of the big contemporary sales. among lead lots this painting could go for $20 million. do not adjust your screen. it is an all white painting. next to that painting it looks like kind of a bargain. >> that is a spectacular piece of

he sits on the board of sotheby's with two other directors.earing it wasn't just about loeb here. it was the board. dominic said it's time. we are going to look for a new ceo. you stay in the job till we find them. that will be in the spring. the stock responding positively. you see up almost 8% to the change. coming change. >> there are shorts there. this is a stock, if you believe inflation is coming, master works mansions kept their value even hyperinflation situation. it's always been people who think after deflation we have hyperinflation. these have kept their value. >> when you lose a proxy fight as they did at sotheby's, it does concentrate the mind of directors on the future of the company. apparently they were all in unianimity here. >> i hear you say there are many more to come. what a great market. these guys just want -- okay, who is really doing really well? it's not like they are going after coca-cola. >> nothing is offlimits when it comes to activism. nothing. it does take up a lot of management time to consider whether somethi

this after the activist dan lobe and others joined sotheby's board. shares were almost 7% higher closing at $41.93 today. >>> foot locker's third-quarter sales and earnings has surpassed wall street consensus, but investors didn't seem too impressed. the ceo of the athletic gear company is stepping down on december 1, and that could be rattling investors since it comes during the holiday shopping season. shares closed more than 4%. >>> and incorporated, the parent of anntaylor, posted sales that missed estimates and warned it would log its first comparable stores sales decline in ten quarters. its earnings did manage, however, to top estimates. company partly blamed product shipment delays out of west coast ports for its weak sales. shares fell slightly to $38.23. >>> and aetna is hiking its quarterly dividend. the payout will be 11% higher, up to 25 cents a share now. the insurer is also setting aside an additional billion dollars to buy back shares. shares up more than 50 cents today to $86.36. >>> well, cancer is among the leading causes of death i

loeb -- wel and dan were just talking about sotheby's. full it will campaign attack ad on dow, calling it broken promises. together,now come where dan loeb is appointing for directors onto the dow chemical miller,ncluding steve who is the chairman of aig. >> and a friend of the show. >> a friend of the program. they are tasked with increasing shareholder value. they will be executing much of dan's vision for dow chemical, which include splitting the company. >> the article said the company has defended its integrated model, arguing the company is more profitable because it produces these higher-margin chemicals. we understand both of these companies are not going to give any other common than this. it's interesting because the point about -- 2014 has been that year. many of these companies have established their own boards, were seeing oil at a lower price. >> i should help dow chemicals. >> consumers are pretty healthy. you would think that the gasoline trade would be almost a tax cut. that may impact these companies. >> it could lead to

sotheby's said that november saw bids come in from 38 different countries. the world's newly wealthy driving demand. >> i heard from other collectors given the high prices is almost not so painful to take one expensive thing off the wall to hedge against inflation. >> with global financial markets uncertain, sellers are choosing to cash in some of their wealth. this art critic says given the head-line grabbing prices has less to do with the art work than making the prices. >> the pitch that galleries listen to most, and artists, creators, middle man, is wealth. if that's the message it doesn't take a genius that art today is going to reflect respicely those values to the exclusion of others. >> others are critical to the lack of transparency and market. in one week's sales almost half of the lot were guaranteed. that means the auction house underwrites or promises the seller an undisclosed amount no matter what happens with the bidding. >> the item indicates that they can make money on these deals, or indicate that the hawks houses can't consign their best w

sotheby's saw bids come in from 38 different countries, the world's newly wealthy driving demand. >> i heard from a number of collectors that given the high prices, it's almost not so painful to take one expensive thing off the wall. >> with global financial markets uncertain, some are cashing in on wealth. given that headline grabbing prices have little to do with the wider art world, price lines harm it. >> the growing pitch that galleries pitch to, is wealth. if that's the message. it doesn't take a genius to imagine that art today is going to reflect those kinds of areas or values, to the exclusions of others. >> others are critical. during one week's sales, half the total hammer price of lots were guaranteed. that means that the auction house underwrites or promises the seller certain undisclosed amounts, no matter what happens with the bidding. >> it means they are bullish, making money, or auction houses can't get people to confine works to auction without promising extortionist funds. >> reporter: outwardly auction houses and sellers are profiting. by relying on those despera

tell us about poor old sotheby's and what they had to do. >> a messy night for them last night. be on elvis and marlon brando. going on sale at christie's. they're going to fetch more than $100 million combined. german casino bought them in 1970s for $185,000. how's that for a return? the sale closes out the two-week fall auction season. sotheby's wrapped up last night. 11 failed to sell and, guys, you know, we'll see tonight whether last night's mixed results is one off or a bad sign of things to come. clearly prices are really not matching some of the buyers last night. >> yeah. interesting. we'll just keep on watching. big indication. thank you for that, robert frank. >> is there a cyber monday in the art world? >> jar. >> yes. >> good. >> thanks for watching. "closing bell" is coming up next. >>> and welcome to "the closing bell." i'm kelly evans at the new york stock exchange. >> i'm bill griffith. it's not happening right now to green territory. third day this week talking about where's the next catalyst going to be? this market clearly looking for direction from something

i'm still concerned about the asia exposure for sotheby's. >> renren down 10%. >> it was supposed to be the it stock. it's lost 90% of its value since the ipo days. if you chart it, you can see the inverse relationship between the two. it trades like an option right now. >> foot locker down. >> the stock opened on basically an all-time high. good news, bad price action. it's telling you something. >> up 3%. tim. >> a stock that also first of all technically looks very interesting. has just done a deal with wal-mart to add to 36 states. so they've added effectively a corporate client to their growth, and this is to me a time the stock starts to run along with the entire space that's been so beaten up on oil prices. >> a slew of initiations hitting the street. the special top trades, initiation nation style, after the break. >>> from record-breaking highs, to major market meltdowns, every night, the "fast money" team makes sense of the trades. serving up in-depth analysis and actionable advice. all to help you prepare for the next trading day. >> i'm not getting out of retail, but by t

. >>> sotheby's saw its shares rise, too, after announcing it narrowed its third quarter loss. a tax benefit that offset a decline in revenue. shares there up 5% to 41.45. >>> mcdonald's served up better than expected sales results. the fast food giant saw its same-store sales fall globally. that's not such good news. what is is that the drops were far smaller than wall street predicted. still, shares were up a penny to $95.11. >>> gopro slumped on news that it will sell $800 million of its stock in a secondary offering. the wearable cameramaker's sale comes ahead of its post ipo share lockup which many koss next month. shares fell. >>> toll brothers saw its revenue surge in october up almost 30%. the home builder says that sales were lifted by strong demand in its west coast division. the company won't officially report earnings until december but investors cheered the results anyway. shares rose 2%. >>> and state street is being investigated by the department of justice and the securities and exchange commission. the subpoenas seek information about the firm's efforts to soli

sotheby's up 5%. and hertz, trading higher as well. back to you scott. >> thank you so much.phy, you have been in hertz. >> been in. >> what do you think of the news. look, it is not the guy that a lot of people thought -- and a lot of people being some big hedge funds in there -- thought it would be. >> yeah. but i think they were out. and you covered it, scott. they support -- they don't really know the new ceo that well. >> i spoke to barry rosen stein who said that. >> when hertz was under 20 a lot were saying i don't want to jump in here because we hadn't seen the financials yet. and at that point i thought it was okay to buy more. because carl icon is there and put his guys on the board. and now this is just one of many catalysts that are going to come for hertz and i think the stock will be up north of 30 in the near term. >> it was a bit of a surprise to the market who thought it was going to be scott thompson. >> down after hours. >> down after hours. >> opened slowly this morning. rallying highs of the day over 24. >> good stuff there. stephanie link. third point an

and we'll look at 3d systems, dean foods, sotheby's and caesars entertainment in earning this is week. >>> the sec is conducting a civil agreement. petrobas is facing several corruption problems at home. many of those issues occurred when the president dilusa ran the company. they are trading up today so far in the frankfurt adr. >>> berkshire's hathaways profit has seen their profit fall in third quarter by 9%. we have the u.k. retailer of test coast falling by $780 million. warren buffett said the tesco deal was a mistake. warren buffett says that was a mistake. >>> vladimir putin says russia will intervene in the rouble if it continues to slide. we'll have more on his comments out of the apex summit in beijing after the break. >>> welcome back. we'll give you headlines. president obama falls on china to create a level playing field to operate within its borders. and russia's government says it will put an end to the slide of the rouble if that continues. and the u.s. is looking the bribery probe at petrobas. >>> as we just mentioned, president obama took the stage at the apec summi

. >> happening today in the sothebys thousands of families will receive everything they need for a completeg dinner with sacred heart community service distributing 4,000 food boxes to families struggling to make families have signed up for the thanksgiving program and matt keller is at sacred heart and says there is still a need for more turkeys. more in theness half hour. >> a slow start to one of san francisco's largest food drives, the san antonios drive collected 220 turkeys this weekend and a church spokesman said that is less than last year and needs to collect 250 turkey as day to reach the goal of 1,500 by thanksgiving. can you make a donation today through thanksgiving from 8:00 am to 5:00 p.m. and accept canned goods and sobs and scarves and money. we are helping bay aread if bangs this hell day season dug our "give where you live," by theying "feed," to 80077 to make a $10 donation. >> new detail offer the boy would survived 225' tall 50 a cliff near bodega bay. we spoke with 9 boy's parents and they say he is doing much better and he can not wait to get out of the cast. he was

the other huge sales this month were mark rothco's red, black, orange and brown from 1953 which sotheby'sd for $45 million. over at christie's, this untitled painting went for $69.6 million. and andy warhols triple he feelis which bidders jostled the price to just shy of $82 million. southeby said november saw bids come in from 38 different countries. the world's newly wealthy driving demand. >> i have heard from other collectors that the high prices, it's almost not so painful to take one expensive thing off the wall as a kind of hedge against inflation. >> with global financial markets uncertain, sellers are choose to go cash in some wealth. this art critic says given headline grabbing prices have little to do with the wider art world, such high-priced buying may harm it. >> the going pitch that galleries listen to most and artists, creative people, is wealth. and if that's the message, it doesn't take a genius to imagine that art today is going to reflect precisely those kind of values to the exclusion of others. >> others are critical of the lack of transparency in the markets. during

. >> i would short sotheby's on this. you want to be short. >> hbo looking to expand its audience in china. signing an agreement to -- such shows that will include "game of throne thrones", board walk empire and the "newsroom." >> he talked about how powerful this distribution is. it's one of the -- portal gaming and also some retail and i think this is a very important point. 83% in the growth video market in china, it's still a small market. and this is something everyone needs to watch because a lot of these guys have cash. i don't think it's right here. although i think that content will be paid for. >> of what? >> well, buying content. >> going to spend a billion dollars on content. >> absolutely. i think there's a lot of money to be thrown at having real content. put these guys on the map and be a real global player. >> and talking about having a lot content, now, there's so much more competition to get this content, not only that, but had a monoly. over the last -- >> 11 bucks from 28. >> this has to do with the co

a drop for sotheby's. >> sell the auction.ces but the stock ran up in front of it like a big movie opening. >> jetblue, a drop. guy? >> jpmorgan downgraded the stock. it scares me we've had trouble at 13.25. but i think you buy it here. >> pop for fossil up 8%. >> this is classified as an old watch company but they have deals that they could be getting into the smart watch arena. i wouldn't be a buyer when stocks spike like this. wait and see it hold. definitely way lower. has to hold par. $105 before you buy it. >> drop for glu mobile. >> $3 stock. moving 3%, 4% isn't that big of a deal. what worries me is they have to continue to come up with the next product and that's why i would never, ever buy this. >> cisco earnings call about to rap up. let's get to dom for the latest. >> what we've got right now is some idea about the outlook. the company posted earnings per share of 54 cents. also revenues coming in for their fiscal first quarter. $12.25 billion. beating the analysts estimate. but the shares went up about 2.5% in the

he called sotheby's a master painting in need of restoration.he ceo is leaving the company after 14 years as chief. the company says it was by mutual agreement and this position for the company has never been stronger with a global presence pushing to wine, jewelry and digital auctions. this started a campaign started a year ago where he said it had not moved the business forward. the company's margins are falling. it's losing ground to christy's and the private nonauction sales are struggling despite this being the biggest art boom in history. its net income grew slightly to $44 million. that is less than half what a single sculpture sold for at their fall auction. the stock up gaining $200 million in market cap today. >> was it necessary that he step down before they found a successor? >> clearly it was. the fall auction season went okay but they had a very bad contemporary art auction. i think people said we have to fix this now. >> it is interesting how he describes the company as a master painting in need of restoration, not as a painting t

. >> sotheby's. >> stock has had a horrible year fell from 53 in january down to 35 at the end of octobernow you get this earnings report this morning on the surface it looks like a good report. the problem is gross margins miss here by 600 basis points. the only reason the stock is lifting special dividend coming up in february of 2015. stock at 40. that's where it belongs. wouldn't touch it. won't be long, wouldn't be short. >> dean foods, pete? >> this is a stock a week ago monday had a downgrade from stevens and here they are with this beat not only beat but the guidance went forward. talk about making money, no longer losing money. that's what's behind this. i still think they have to deal with the issue of milk costs and that going forward. that is going to be something that's going to hamper them. you don't need to chase this stock today. >> gopro finding gravity after announcing a stock sale. is anyone on the desk adventurous enough to buy the dip. plus, it may only be the second week of november but partings of the country are already getting slammed with snow. what does it mean

sotheby's said november saw bids from 38 different countries, the wealthy driving demand. i heard from a number of collectors that given the high prices, it's almost not so painful to take one expensive thing. with the global markets uncertain. they cash in wealth. they have little to do with the art world. it may be harmed. creative people. middlemen is wealth. if that's the message. it doesn't make a genius to show what art reflects. to the exclusion of others. others are critical. during a week, half the hammer price were guaranteed. it meanings the auction house underwrites or promises an undisclosed amounts. it indicates that they can make money, or auction houses can consign works. outwardly at at least, auction houses are profiting from the process along with sellers. >> $340,000, by relying on those desperate for a painting, and a diversified portfolio. >> this month more than 20 art pieces sold for $20 million a piece. tomorrow on al jazeera america a texas town votes to ban fracking. we'll speak with a resident to find out why. >> that does it for this addition.

months after dan loeb joined the auction of the board, the ceo of sotheby's is stepping down. take a look, shares are up 7.4% in frapg further. investors team to like this move. >>> moving on, rare blue diamond went up for auction at southby's on thursday night. the pear shaped gem went for more than twice what was expected. >> you did you buy it? >> i did, but luckily i sold it back. the diamond was from the estate of a widely regarded u.s. philanthropist, art collector and gardner. the jewel has been described as potentially flawless. it's very nice. >> it is stunning. i wouldn't mind one. >> $32 million is quite a lot. >> too much, actually. >> too much. >>> moving on -- >>> the retail earnings bandwagon continues. gap is cutting its full year outlook of sales at its main brand continues to fall. demand for cheaper clothes at old navy is slowing. the retailer is shaking up management at the gap and banana republic chains. gap is down about 3.5% in frankfurt. >>> moving on, game stop's third quarter results fell well below analyst forecasts. the retailer blames the release o

paul melon, sotheby's did a fantastic job of selling that and most of it made double estimates.he roscoe was very strong. there was a bit of disappointment on the second roscoe from the schlumberger. that should have hit 50 or 60 million. it just got above the 40 million. but the jasper john's flag, we thought that was priced at about 15 million and it bid up to 36 million. that rothko you're seeing on the screen at $45 million, that was the bargain of the week if there ever was one. that should have been up at $60 million, but the lkky buyer got it for 45. >> i just wondered, i'm curious what you think about this. how do you identify mispricings in the art market? because if you look at companies, if you look at stocks, you can look at their fundamental performance, you can look at earnings and revenues. that simply doesn't exist in the art market. how do you spot any mispricing? >> you've got to look at what -- where is the -- which are the next museum shows? who are the big collectors? who are the movers and shakers affecting that market? five years ago, you could have -- for

fall from norland street raiders toasting the denver tomorrow and get their first win of a season sotheby'syou the broncos averaging almost twice many points per game compared the raiders. and gets a kick off tomorrow am as well find that the zero dhaka coliseum >> : watter remind you kron 4 bread new san fransico giants victory parade encore presentation tomorrow an hour-long look back at the best moments features a picture right here on kron 4 7:00 >> : 49 is better but the saints as they make the playoffs >> : with brick all down plus raiders host payton manning and broncos are how warriors battle songs both half-hour of their zero years or sneezed sunday night at 9 right after the news for joining kron 4 news weekend. and the cemetery is still seen completely stuck in a fog right now. visibility down for talk of a mile having to the toll plaza keep my eye on the hayward site visibility is limited. and that doesn't prove into a foster city area >> : temperatures on the most part for the '50s. lisa numbers are going up here seller rows of 5154 degrees in oakland any act right now heading

see how startup-ny can help your business grow at startup.ny.gov ♪ >>> check out sotheby's.s third quarter loss narrows. last week posting a record $422 million sale of impressionist and modern art, as we can see, the stock is trading up by over 2% at 40. 28. for the year, the stock is down about 25%. back over to you, carl. >> thanks a lot. over to the cme group, check in with rick santelli. >> hi, carl. we have a special guest this monday morning, in the '80s called him the wonder kid. i call him the wonder man now. david stockman, former omb director under ronald reagan. thank you, sir, for taking the time. >> happy to be with you, rick. >> all right. three topics to cover. first topic, infrastructure spending. i personally think that after the whole shovel-ready debacle, that trust is the biggest issue to welcome true infrastructure spending that it doesn't get slush funded and contracts award fairly. having said that, what is the deal with infrastructure, we not spending not as much as we have historically? what's the real numbers, david. >> that's not correct. infrastr

somehow have the internal knowledge to know about sub these and christie's, and i -- andidies -- sotheby'stie's. take bitcoin and antiquities. >> bitcoin, on one hand we are fully supportive of the development of e-commerce and there is a lot in that that is very hopeful in economic development, both here and internationally. what our fundamental objective is is to ensure that whatever the value transfer mechanism is, whether it is through traditional banks, through, you know, money service businesses, or through a currency -- basicency, that the elements of financial transparency of applied and the people involved know who their customers are, are able to attend by suspicious transactions, and report those transactions to the treasury department -- >> which requires compliance. >> we have regulations that affect -- >> what if i do not want to comply? his eyes as keeping the price of bitcoin i? >> no, i do not believe so. we are trying to regulate the financial sector so these tools are part of what they do and they help us make the financial system inhospitable to elicit finance, whether

we'll be hearing from dean foods and sotheby's. mcdonald's is going to report sales at 8:00 a.m.ec chair mary jo white is holding a fireside chat at that event. >>> america's infrastructure of water will cost close to $650 billion to continue operating. one company to benefit is american water works, the largest publicly traded utility. a solid stock for investors up 20% this year and just recently added to the dow jones utility average. joining us is susan story, ceo of american water works. good to have you here, susan. >> thank you, michelle. great to be here. >> lots of good news in your report, but we'll get the bad news out of the way. you missed on revenues because of unseasonably cool temperatures this summer. explain that, is that as intuitive as it sounds, if it's not that hot out, you don't water your lawn as often, is it that simple? >> that's absolutely correct. we have a really cool summer, people don't fill their pools up and they don't go outside to hose off, but the third quarter is typically our biggest quarter because of those factors. >> interesting. we were t

sotheby is the proud owner of the proud pieces, right? >> yeah. other lots guaranteed by third parties that sold after a lot of chand leer bidding to a single auction house rep on one bid implying, not assured, but they are going back to the third party. >> it's very complicated. you can come in and say i want to guarantee the piece, demand your own terms, demand any kind of upside, downside you want, and it's a very simple process. >> creating smoke and mirrors. >> reading through the smoke. >> creating false positives all the time. >> there's wobbliness. >> absolutely. it's hard to say in public. hard to write about it without all sorts of problems because these pieces are actually sold in house. the real back story is to whom? they are sold, but who is the end user finally? >> talking quick about tonight. chr chrisy's could be a great sale, two warhols, and not just an elvis, but a triple elvis, three times is good. i think joe's favorite, a picture. do we have a picture of this? the side black board painting? okay. what is it going to fetch? w

sotheby's. it's been about a year since the activist investor the began demanding big changes.g what these guys sell for $80 million, i wouldn't change anything. you should just be happy that, i mean, worth $80 million the squiggly lines with the unmade bed with the condoms is worth $15 million. yeah. gross. >> someone spent $15 million. she was in a bad place when she made that bed. and game stop earnings and revenue fell well short of estimations. release of assassins creed unity. also slowing slowing software sales from the older softwares that goes on the old eer consol. and splunk beat the street on the line. also raising its full year revenue forecast. splunk is up $5 today. you know it? >> i don't know it. i like saying splunk. >> i do too. >> i want to know everybody's view on this one. stirring a bit of a debate whether to be regulators should be able to be active stock investors? runs the s.e.c. office that runs public companies books. he reported stock holdings worth between $2 million and $6 million in 2013 and the sale of stocks throughout the year. since the begin