REFILE-UPDATE 1-Sotheby's Q1 profit misses street

(Refiles to fix company name in headline)

* Q1 EPS $0.03 vs est $0.04

* Q1 rev up 17 pct at $119.6 mln vs est $119.5 (Follows alerts)

May 9 (Reuters) - Auction house Sotheby's quarterly profit missed analysts' expectations, hurt by a decline in auction commission margins and an increase in operating expenses.

The auctioneer, which competes with privately held Christie's, reported a net income of $2.4 million, or 3 cents a share, up from a loss of $2.2 million, or 3 cents a share, a year earlier.

Revenue rose 17 percent to $119.6 million.

Analysts had expected earnings of 4 cents a share, on revenue of $119.5 million, according to Thomson Reuters I/B/E/S.

Sotheby's shares closed at $46.54 on Monday on the New York Stock Exchange. (Reporting by Arpita Mukherjee in Bangalore; Editing by Saumyadeb Chakrabarty)