A Delaware judge has rejected Daniel Loeb’s lawsuit seeking to overturn Sotheby’s shareholder rights plan, which had prevented activist investors from owning more than 10% of the company.  “I find that the plaintiffs have not demonstrated that they have a reasonable probability of success on the merits of their claims,” Judge Donald Parsons wrote in his decision. “Therefore, I deny the plaintiff’s motion for a preliminary injunction.” (more…)

A new venture has opened its doors in London, allowing interested buyers to purchase shares in art on view, and to take the work home to show for a fraction of each year.  Called My Art Invest, investors can buy shares in works for as little as $8, with share value determined by an artist’s market value, including works by Basquiat and Damien Hirst.  “We want to democratise art,” says Tom-David Bastok, My Art Invest’s 25-year-old founder. “For me, it’s very, very, very important that everybody can put a foot in the art market.” (more…)