UPDATE 1-Sotheby's Q2 beats Wall Street on strong auction sales

* Q2 EPS $1.26 vs est $1.07

* Q2 rev surges 68 pct

Aug 5 (Reuters) - Auction house Sotheby's (BID.N) second-quarter results breezed past analysts' expectations, propelled by solid sales at its recently held Impressionist and Modern Art auction in London. The auctioneer, who competes with privately held Christie's, reported net income of $86.2 million, or $1.26 a share, up from $12.2 million, or 18 cents a share, a year earlier. Revenue at the auctioneer surged 68 percent to $281.4 million. [ID:nWNAB4458]

Sales from Sotheby's London auction held in late June more than doubled to $273.7 million. Analysts were expecting earnings of $1.07 a share, on revenue of $242.4 million, according to Thomson Reuters I/B/E/S.

Sotheby's shares, which have risen nearly 86 percent in the last one year, were up slightly at $27.82 in trading after the bell. They closed at $27.55 Thursday on the New York Stock Exchange. (Reporting by Shradhha Sharma in Bangalore; Editing by Aradhana Aravindan)