Barbarians at Sotheby’s Gate?: Activist Investor Daniel Loeb Is Shaking Up the Centuries-Old Auction House
Last week, Daniel Loeb’s activist hedge fund, Third Point Partners, which weighs in at a hefty $15 billion, increased to 9.3 percent its share in Sotheby’s (aka BID) stock. Another activist fund, Marcato Capital Management, owns about 6 percent of the auction house, and billionaire Nelson Peltz of Trian Fund Management owns another 3, putting about 19 percent of the company shares in “hostile” hands.
Right on cue, Mr. Loeb wrote one of his classic letters excoriating BID Chairman Bill Ruprecht for his extravagant perks and salary while demanding that he step down in favor of a new management team and a few Third Point appointed directors. Read More