Olivier Reza, one of the candidates suggested by Loeb to join the Sotheby’s board

Dan Loeb’s Third Point LLC has produced a vigorous response to Sotheby’s latest position by submitting a well researched new filing to the  SEC.  In a form schedule 14A, citing ‘Definitive Additional Materials,’  Third Point shows how that slumping profits and falling revenue back up their claims that Sotheby’s needs some new directors, a clearer vision and could do better for shareholders.  For the full letter see :-

http://www.sec.gov/Archives/edgar/data/823094/000119312514142543/d708993ddfan14a.htm

As opposed to Loeb’s first open letter to Sotheby’s which was a more personal attack on the chairman Bill Ruprecht the latest letter is a well researched critique on the auction house.  Such a review and analysis would have cost Sotheby’s a considerable sum if they had commissioned it themselves from a management consultancy like Bain, and irrespective of the outcome of this battle, Loeb’s comments will surely be useful to the auction room to make improvements going forward.