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 Daniel Loeb’s defeat in court last week, Sotheby’s and his company Third Point LLC  seem to have reached an agreement, with the auction house agreeing to add his three nominees to an expanded, 15-person board of directors, while allowing him a 15%  stake in the company.  “This agreement ensures that our focus is on the business and that we will benefit from five fresh voices and viewpoints,” says Sotheby’s head Bill Ruprecht. (more…)