Daniel Loeb Calls for Sotheby’s CEO to Resign

Loeb. (Courtesy PMC)

Daniel Loeb, the CEO of the hedge fund Third Point LLC, which is the largest Sotheby’s shareholder with a 9.3 percent stake in outstanding shares, has called for the resignation of William F. Ruprecht, the auction house’s chairman, president and CEO, in a letter filed with the SEC and published on the agency’s website. The letter, which is really just bonkers, addresses what Mr. Loeb terms Sotheby’s “deteriorating competitive position relative to Christie’s,” which consistently makes out better in its seasonal evening sales, and concludes “that Sotheby’s malaise is a result of a lack of leadership and strategic vision at its highest levels.”

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An Open Letter to David Hockney About His Open Letters to The Guardian

Courtesy Studio360.

Dear David Hockney,

Your two letters to The Guardian, “The trouble with tobacco haters” and “The pleasures of tobacco,” and pretty much everything you say therein, has me convinced that you are kind of the coolest. You are, indeed, someone who is immune to the manipulations of advertising. You are looking out for number one, and you don’t care who knows it. Your acute awareness that “we have to die” someday makes me want to live for today, to hell with caution! (Ah, if only cigarettes didn’t cost $14 in Manhattan!) Read More