Third Point Hedge-Fund Acquires 5.7% Stake in Sotheby’s

August 27th, 2013

Activist Hedge-Fund Investor Daniel Loeb’s Third Point LLC has acquired a 5.7% stake in Sotheby’s Auction House, a $156.7 million holding that hints to a potentially intervention on the part of Third Point.   “They [Sotheby's] haven’t radically rejigged their business in the past 10 years,” says former Christie’s COO Michael Plummer, now a principal of Artvest. “It would appear that these hedge funds have an idea that Sotheby’s could be doing its business differently.”

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