Mon, Oct 24, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Third Point’s Dan Loeb sets eye on auctioneer Sotheby’s

Tuesday, August 27, 2013

Daniel Loeb
Precy Dumlao, Opalesque Asia:

Activist hedge fund manager Daniel Loeb of Third Point raised his stake in New York-based art and collectibles auction house Sotheby’s to 5.7% worth $156.7m in a move seen by many as aimed at engaging the auction house in negotiations, various media reported.

According to a report by BusinessWeek, the 51-year-old Loeb wants to engage Sotheby’s board and management in talks. The report quoted Michael Plummer, former chief operating officer of Christie’s financial services as saying that Loeb may have gotten interested in Sotheby’s as its main rival Christie’s International is making headway in today’s digital market.

Plummer, who is a principal at a New York-based financial firm focused on providing advice for the art market said, "They haven’t radically rejigged their business in the past 10 years. It would appear that these hedge funds have an idea that Sotheby’s could be doing its business differently."

In its filing before the Securities and Exchange Commission, Loeb appeared to be looking for a change in leadership at Sotheby’s which is currently led by Chairman and Chief Executive Officer William Ruprecht.

Andrew Gully, a spokesman for Sotheby’s said the auction firm welcomed any investment in the company and that the firm’s board of directors and management are committed to p......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. David Einhorn speaks on passive investing, Mylan, his cheapest stock, the Fed[more]

    From Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas. Presenters at the annual conference typically pitch one or severa