Deals

Discount stores woo bargain-hunters

Illustration of a glowing wallet

Off-price retailers are cashing in on consumers who are increasingly demanding more bargains.

Why it matters: The consumer is emboldened by a steady economy with a low jobless rate and spiking wages. But even with more money in their pockets, shoppers are increasingly turning to retailers that prioritize deals.

Sotheby's gets a new owner

Exterior of Sotheby's auction house building.
Photo: Michael Nagle/Getty Images

Sotheby's is being sold. French-Israeli cable mogul Patrick Drahi is paying $3.7 billion for the auction house, which is 60% more than it was worth on the public markets at the close of trade on Friday.

Why it matters: Under private ownership, Sotheby's might be better able to compete with archrival Christie's. Drahi won't stop at $3.7 billion in his attempt to equalize the two houses.