Sotheby’s is laying off staff as a result of its current operational overhaul, following the conclusion of its fierce battle with investor Daniel Loeb.  “As part of a long-range planning process begun earlier this year, Sotheby’s has identified areas for growth and additional investment,” the company said in a statement last week.  “To capture these opportunities in an ever-evolving business, the company has decided to reallocate staff and resources.” (more…)

Following the harsh dispute between investor Daniel Loeb and Sotheby’s, the election of Loeb’s team seems to have signaled a truce between his Third Point company and the embattled auction house.  Loeb and his fellow newly elected board members have announced that they stand behind current management at Sotheby’s, particularly CEO William Ruprecht, whose removal Loeb had called for several times earlier this year.  “As of today we see ourselves not as the Third Point nominees but as Sotheby’s directors, and we expect to work collaboratively with our fellow board members to enhance long-term value on behalf of all shareholders,” Loeb said in a statement. (more…)

The ongoing struggle for control at Sotheby’s has taken a new turn, with the auction house rejecting the board nominations proposed by Daniel Loeb’s Third Point LLC, and in turn naming Jessica Bibliowicz and Kevin Conroy for board seats. “The composition of your Board is something Sotheby’s takes very seriously, as the experience and expertise of its directors have been and will continue to be important to enabling the Company’s success,” the company said in an open letter to shareholders. (more…)

Daniel Loeb is pushing for three seats on the board at Sotheby’s, preparing for a proxy fight to wrest additional control of the company for his Third Point Hedge Fund.  “All shareholders will benefit from further depth of experience in Sotheby’s key business building block: luxury customer relationship development,” Third Point said in its regulatory filing this week. (more…)

Thomas Ruff, phg.03, (2012), via David Zwirner

David Zwirner’s 19th Street Gallery spaces in Chelsea are currently exhibiting a selection of recent works by German photographer Thomas Ruff, showcasing the artist’s ongoing inquiries into digital interjections into the photo making process, and his studies on natural phenomena filtered through the lens of digital photography.

Thomas Ruff, photograms (Installation View), via David Zwirner (more…)