Art Market Monitor

Global Coverage ~ Unique Analysis

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

Sotheby’s On Back Foot in Loeb Assault

October 4, 2013 by Marion Maneker

Finerman on Loeb Sotheby's Play

Update: Sotheby’s announced the adoption of a defensive poison pill this morning making it difficult and expensive for Loeb’s Third Point to acquire more than 10% of the company’s stock.

Ξ Ξ Ξ

The release of Dan Loeb’a letter to Sotheby’s CEO William Ruprecht has brought out a number of short profiles of both men. Though none say much that will give you insight into the next phase of this battle.

What’s missing from the news cycle is any meaningful response from Sotheby’s. They installed a new CFO recently but seem to have done little on the communications front to outline a long term strategy that counterweights Third Point’s complaints.

Christie’s has a reasonably well-expressed two-pronged plan to grow private sales and online sales. Where’s Sotheby’s one-sentence business thesis?

Compounding this has been a lack vocal support for Ruprecht whose 13-year tenure in the job and frequent liquidation of stock whenever the share price reaches a certain level (a little below here) suggest a caretaker leadership role.

The Wall Street Journal captured this all in a shrugging quote from one of the art world’s most watched figures:

Jose Mugrabi, a major collector and dealer of works by Andy Warhol, said Mr. Ruprecht “could do more, but trying anything new in the art market takes a lot of risk—and you never know how much the market will give you in return.”

A Clash of World’s for Sotheby’s Genteel Boss (Wall Street Journal)

More from Art Market Monitor

  • Americana Market ShareAmericana Market Share
  • Scottsdale Wants in on Folk ArtScottsdale Wants in on Folk Art
  • Andy's (Treasure) ChestAndy's (Treasure) Chest
  • Asian PrivateersAsian Privateers
  • Christie’s Offers Restituted Cranach in AprilChristie’s Offers Restituted Cranach in April
  • Klein Comes to New YorkKlein Comes to New York

Filed Under: General

About Marion Maneker

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

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Tony Podesta's Secret Art Buying
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Selection Bias In Art Is What Creates Value
  • Aboudia, Zemba Luzamba, Dickens Otieno Anchor Contemporary African Art Sale at Artcurial in Marrakesh
  • Tracey Emin Neon Lights Up Sotheby's 'Contemporary Showcase' Pop-Up
  • How to Chant Like an Auctioneer
  • Sotheby's Pulls in a $9m David Hockney for November
  • 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