Investor Daniel Loeb has officially been acknowledged as one of Sotheby’s newest board members, alongside two of his own candidates, expanding the auction house’s board to 15 members.  The appointment was part of a May 5th agreement between Sotheby’s and Loeb, and brings in jewelry designer Olivier Reza and Harry J. Wilson to help lead the company.   (more…)

In a recent segment, BloombergTV reviews the current state of Sotheby’s, examining the auction house’s current issues with activist investors Daniel Loeb and others, who have together taken a 15% stake in the company.  Emphasizing Sotheby’s position in the market, and its sole rival, Christie’s, the segment goes on to detail the house’s “untapped pockets of value.”  “It’s widely expected that they (investors) will focus on the brand, the real estate story, the balance sheet.  What’s not clear is whether they will agree.”  Says Bloomberg’s Su Keenan. (more…)

Taking a cue from the community sponsored agriculture programs, a number of U.S. cities are embracing a similar approach to contemporary art, enabling residents to purchase shares in contemporary artists as a way to encourage arts patronage.  “I think it has worked in part because lots of places are already familiar with farm C.S.A.’s,” said Dennis Scholl, who oversees the national arts program for the Knight Foundation, an early supporter. “Here, instead of getting a basket of carrots or zucchini, you get a basket of artworks.”  (more…)