Marcato Backs Third Point On Sotheby’s

Mar 7 2014 | 3:05am ET

Third Point’s proxy battle against Sotheby’s has won the backing of another hedge fund critical of the auction house.

Marcato Capital Management plans to support Third Point’s three nominees to the Sotheby’s board, including Third Point founder Daniel Loeb, Bloomberg News reports. The hedge funds own more than 16% of Sotheby’s shares.

Both Marcato and Third Point have called on Sotheby’s to bolster its share price and return capital to shareholders. Marcato has focused on Sotheby’s real estate holdings, while Third Point is seeking the ouster of CEO William Ruprecht.

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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…