Shares of the auction house Sotheby’s, which trade on the New York Stock Exchange, are at an all-time high as the company continues to buy back shares and investors express confidence in the new initiatives implemented by CEO Tad Smith, who took the helm over two years ago.

Sotheby’s shares are up 45 percent for the year, reports Katya Kazakina of Bloomberg, outperforming the S&P 500 and marking the auction house’s highest level since the company went public in 1988.

In early January, shares were trading under $40 and closed yesterday (July 26) at just over $57. read more