New York-based art and collectibles auction house Sotheby’s is the latest target of hedge fund manager Dan Loeb.
Bloomberg reported that Loeb’s New York-based activist firm Third Point has accumulated a 5.7% stake in Sotheby’s with the intention of possibly shaking up the company’s board.
Loeb recently made headlines when he pushed for Sony to break off its entertainment arm, claiming that the move could bolster the company’s share price by as much as 60%. Loeb’s insistence left distaste in actor George Clooney, who has called the hedge fund manager “a carpet bagger” who is “trying to manipulate the market.”
Third Point manages about $10 billion in assets.