I have written elsewhere about Sotheby’s share price being a leading indicator for the general health of the art market and indeed for the stock market in general.  See http://www.russianartdealer.com/journal/aggressive-activist-investors-shake-sothebys-spears-wms-magazine/ The following article written by James Stefurak for Seeking Alpha is an in-depth examination of Sotheby’s, its share price, and the general health of the art
[continue reading…]

  Sotheby’s announced in a Press Release they have settled their differences with Third Point, for now, which seems sensible for all concerned.  Sotheby’s are dropping their Poison Pill defence and Third Point are to be allowed to build a maximum stake of 15% and add their three desired directors to the Sotheby’s board: Dan
[continue reading…]

  On April 4th the activist investor Dan Loeb fired off another open letter to Sotheby’s shareholders calling for support for himself and two others to join the Sotheby’s board and detailing all that he believes is wrong at Sotheby’s.  He says that Sotheby’s has, “lost market share in highly profitable areas like Contemporary Art
[continue reading…]

Sotheby’s caved in to pressure from short-term investors last week by announcing it would pay shareholders a US$300m dividend in March and that it might sell its New York and London offices.  Sotheby’s intended to use its cash position to grow into a diversified conglomerate holding positions in art and real estate.  The cash allowed
[continue reading…]