Barbarians at Sotheby’s Gate?: Activist Investor Daniel Loeb Is Shaking Up the Centuries-Old Auction House

Last week, Daniel Loeb’s activist hedge fund, Third Point Partners, which weighs in at a hefty $15 billion, increased to 9.3 percent its share in Sotheby’s (aka BID) stock. Another activist fund, Marcato Capital Management, owns about 6 percent of the auction house, and billionaire Nelson Peltz of Trian Fund Management owns another 3, putting about 19 percent of the company shares in “hostile” hands.   Right on cue, Mr.… Read more

Art’s Celebrity Obsession: How Many Movie Stars Does It Take to Make a Basquiat Record?

What’s the hottest thing in the art world today? Forget the artists and the famous dealers. Today, it’s the celebrities.   The art world has officially joined the rest of the world in a maniacal obsession with celebrity culture. Sure, Warhol did it long ago with his 1960s “screen tests” of Warren Beatty and Dylan, and by hosting the likes of Mick Jagger, Jackie O, her son John John and… Read more
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