Third Point Takes Big Sotheby’s Stake

Aug 27 2013 | 10:39am ET

Auction house Sotheby’s has been the target of activist hedge funds before—but now it has to deal with Dan Loeb.

Loeb’s Third Point announced a $156.7 million stake in the New York-based company, an interest of 5.7%. Third Point hasn’t announced its intentions, other than to say it plans to talk with the company about possible changes in both strategy and leadership, but it follows moves by Marcato Capital Management and Trian Fund Management, which have taken 6.6% and 3% stakes recently.

Third Point bought 500,000 shares of Sotheby’s in the first quarter and 2 million in the second.

Loeb is no stranger to Sotheby’s: He and his wife are major art collectors.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note