NEW YORK—It is too bad that Sotheby’s couldn’t count its Wednesday night Impressionist and Modern art sale as a third quarter event. Following that solid display, the firm released financial statements revealing that it had suffered a $57.8 million loss for the third-quarter. Hampered by a weak economy, the auction house stated that revenue fell 41 percent to $44.9 million.

Despite that poor showing, investors sent Sotheby’s shares higher by about 15 percent yesterday, perhaps interpreting its strong auction results this week as a sign that things are looking up in the art market.

The auction house emphasized in its published reports that it has made significant adjustments to its business model to deal with the financial crisis, cutting back on the guaranteed payouts it had offered sellers in richer times. The agreements, which paid sellers regardless of whether their lots sold, resulted in $50 million in losses in 2008.

Read more at Bloomberg.