Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Atticus Buys Sotheby's Stake

June 23, 2009 by Marion Maneker

Atticus Capital, a significant hedge fund, disclosed a 5.4% stake in Sotheby’s purchased recently. The move has been reported on a number of financial sites but here’s Seeking Alpha:

Timothy Barakett’s hedge fund Atticus Capital has filed a 13G on Sotheby’s (BID) disclosing a 5.4% ownership stake in the company. The filing was made due to activity on June 11th, 2009 and the hedge fund now owns 3,584,110 shares.

That puts Atticus in the number three spot of institutional shareholders behind Ariel, the Chicago money management firm, and Steven Cohen’s SAC Capital with 9.6% and 6.1% respectively. At $12 for the stock, the forward price-to-earnings ration of the firm is a very steep 45 multiple which suggests SAC and Atticus both expect the business to rebound because they bought recently. That contrasts with Sotheby’s CEO, William Ruprecht, who sold nearly a $1 million stock in early May at $11.

Atticus Discloses Big Stake in Sotheby’s (Seeking Alpha)

More from Art Market Monitor

  • Understanding the Abu Dhabi Art FairUnderstanding the Abu Dhabi Art Fair
  • Not Interested in Naked BruniNot Interested in Naked Bruni
  • ABMiami: Toning Down & Spreading OutABMiami: Toning Down & Spreading Out
  • Gagosian: New York's Dominance WaningGagosian: New York's Dominance Waning
  • 2 x 200 Wants You to Own Art2 x 200 Wants You to Own Art
  • How to Make Your Art an InvestmentHow to Make Your Art an Investment

Filed Under: Economic Trends Tagged With: Featured

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor