Connect to share and comment

Third Point sues Sotheby's over poison pill

By Svea Herbst-Bayliss BOSTON (Reuters) - Daniel Loeb's Third Point on Tuesday sued Sotheby's to remove poison pill restrictions that block the hedge fund from acquiring up to 20 percent of the auction house's stock. Loeb's firm, which already owns 9.6 percent of the company, said in the lawsuit that the poison pill unfairly targets activist shareholders like himself, seeking to shake up the board of directors. But it allows passive investors to buy up to 20 percent of the company.

Sotheby's forced to take back $72m diamond after buyer defaults

Auction house Sotheby's said Tuesday it has been forced to buy back a flawless, near-60 carat pink diamond it sold last November after the buyer defaulted on the record $83-million (60-million-euro) payment. New York diamond cutter Isaac Wolf had outbid rivals for the gemstone, called the "Pink Star", in the Geneva auction conducted by the company. But, "as a result subsequent buyer default," Sotheby's was forced under its auction contract to buy back the diamond, which is 59.60 carats. It listed its "inventory" value as $72 million.

Activist Loeb seeks board shakeup at Sotheby's

Activist investor Dan Loeb Thursday nominated himself and two allies to the board of Sotheby's, arguing the auction house's current board lacks the skills and inclination to undertake needed changes. Loeb, chief executive of hedge fund Third Point, Sotheby's biggest shareholder with 9.5 percent of the shares, praised some of Sotheby's recent shareholder-friendly actions, but said the board must go further in cutting costs and repositioning Sotheby's. "All shareholders will benefit from having an owner's perspective in the boardroom," Loeb said in a securities filing.

Sotheby's contemporary art sale starts week two of London auctions

By Julia Fioretti LONDON (Reuters) - Paintings by Andy Warhol, Cy Twombly and Gerhard Richter led the pack at Sotheby's evening sale of contemporary art in London, only a week after the auction house beat all records for a sale series in the British capital. The contemporary art auction fetched 88 million pounds ($146 million) on Wednesday evening, at the top end of expectations, making it the fourth highest sale of that type for Sotheby's in London, it told Reuters by telephone on Thursday.

Sotheby's contemporary art sale starts week two of London auctions

By Julia Fioretti LONDON (Reuters) - Paintings by Andy Warhol, Cy Twombly and Gerhard Richter led the pack at Sotheby's evening sale of contemporary art in London, only a week after the auction house beat all records for a sale series in the British capital. The contemporary art auction fetched 88 million pounds ($146 million) on Wednesday evening, at the top end of expectations, making it the fourth highest sale of that type for Sotheby's in London, it told Reuters by telephone on Thursday.

Sotheby's offers pieces by Picasso, Goya, Dali, Pissarro

London, Jan 30 (EFE).- Works by Picasso, Goya, Salvador Dali and Camille Pissarro will be featured in Sotheby's auction next week of Impressionist, Modern and Surrealist art. The Feb. 5-6 sale at Sotheby's London is expected to generate up to $271 million. The biggest-ticket item is Pissarro's 1897 painting "Le Boulevard Montmartre, Matinee de Printemps," which Sotheby's projects will sell for anywhere from $11.6 million to $16.5 million. Among the dozen Picasso pieces offered is "La femme qui pleure I," created in 1937 and expected to fetch as much as $2.9 million.

Sotheby's sets dividend, share buybacks, investors shrug

By Siddharth Cavale and Svea Herbst-Bayliss BOSTON (Reuters) - Sotheby's <BID.N> said on Wednesday it will return $450 million to investors through a special dividend and a share buyback, but the moves got a lukewarm reception from investors including two activist hedge fund managers who have been pressuring the venerable auction house to make changes.

Sotheby's sets poison pill against investor challenge

Elite auction house Sotheby's on Friday adopted a poison-pill defense strategy to fend off a challenge by investor Dan Loeb's hedge fund Third Point. Sotheby's announced a plan to expand its share base in a rights issue that aimed to weaken Loeb's push to force out the company's chairman and chief executive William Ruprecht, and take a seat on the board for himself. The board said in a statement that the rights plan was "in response to the recent rapid accumulations of significant portions of Sotheby's outstanding common stock, including through the use of derivatives."

Sotheby's adopts 'poison pill' after Loeb raises stake

By Katya Wachtel NEW YORK (Reuters) - Auction house Sotheby's <BID.N> said Friday it adopted a "poison pill" two days after activist investor Daniel Loeb's Third Point hedge fund called for a management shake-up and increased its stake in the company. Loeb's roughly $13 billion fund wants to replace Sotheby's leadership for what it sees as weak financial results and loss of ground to rival Christie's.

Investor says Sotheby's needs 'restoration', new CEO

Activist shareholder Dan Loeb Wednesday launched an all-out attack on the management of art auctioneers Sotheby's, calling for a new chief executive and criticizing company expenses. Loeb, chief executive of hedge fund Third Point, released a blistering letter to Sotheby's chief executive William Ruprecht in which he said the auction house, which traces its history to 1744, had fallen behind rival Christie's in key emerging markets, Internet sales and the growing modern art segment.
Syndicate content