Hedge Fund Manager Dan Loeb Urges Sotheby’s CEO to Quit. Since August, Dan Loeb’s hedge fund, Third Point, has upped its stake in the auction house to 9.29%, but since then things have been pretty quiet — strange for an…
Global art auctioneer Sotheby’s BID +1.98% announced that its board of directors would review its capital allocation and financial policies, with results expected in early 2014.
The company hinted it may take actions that could mean bigger payouts to shareholders via share buybacks or dividends.
Richard Mick McGuire Marcato Capital Management
The announcement comes after activist hedge fund manager Richard McGuire’s Marcato Capital Management LLC boosted its stake in the company over the summer to 6.7%, according to an Aug. 29 filing, making it the second-largest shareholder in Sotheby’s.