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.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…