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Atticus Follows SAC In Building Big Sotheby’s Stake

June 24, 2009

Hedge funds apparently like the sound of an auction house gavel even more than previously suspected.

Another major hedge fund has taken a big stake in auction house Sotheby’s. Atticus Capital has built up a 5.4% stake in the company, according to regulatory filings. At the end of March, the New York-based hedge fund owned no substantial Sotheby’s holding.

Atticus’ move follows a similar one by SAC Capital Advisors, which took a 5.9% stake in Sotheby’s to become the company’s third-largest shareholder. News of SAC’s stake was quickly followed by an exhibit of SAC founder Steven Cohen’s art collection at Sotheby’s New York headquarters in April.

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