Art Market Monitor

Global Coverage ~ Unique Analysis

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

Pouring A Little Cold Water on Loeb’s “Incendiary” Rhetoric

October 7, 2013 by Marion Maneker

Ruprecht

Sotheby’s hasn’t been doing a great job of articulating its side of the story in its fight with Daniel Loeb. But Katya Kazakina picks up the cudgel for them with these observations:

Asher Edelman, a New York art dealer and former corporate raider, said Loeb’s critique is “all rhetoric. He is interested in making a profit in what is now an overpriced stock.”

Roosevelt Investment Group Inc. was one of Sotheby’s shareholders in 2011, with as much as 1.5 million shares, but has since sold its holdings. Roosevelt portfolio manager Jason Benowitz said Sotheby’s isn’t troubled enough to warrant the ousting of its CEO.

“The stock has performed well. They are cutting expenses and investing in the company’s growth,” Benowitz said. “Could they run a leaner operation? Yes they could.”

The shares are up 51 percent this year, although they remain below their closing high, set in 2007.

Sotheby’s CEO in Hot Seat For Driver, Country Club Perks (Bloomberg)

More from Art Market Monitor

  • Zhang Xiaogang and Key Chinese Contemporary Artists from Storied Johnson Chang Collection Come to AuctionZhang Xiaogang and Key Chinese Contemporary Artists from Storied Johnson Chang Collection Come to Auction
  • Bacon, Picasso, Lichtenstein Top 2020 Global Modern & Contemporary Auctions: AnalysisBacon, Picasso, Lichtenstein Top 2020 Global Modern & Contemporary Auctions: Analysis
  • Van Rysselberghe, Klee, Magritte Lead June 2020 Paris Impressionist and Modern Sales: AnalysisVan Rysselberghe, Klee, Magritte Lead June 2020 Paris Impressionist and Modern Sales: Analysis
  • As Coronavirus Escalates, Sotheby’s Relocates Modern and Contemporary Hong Kong Sales to New YorkAs Coronavirus Escalates, Sotheby’s Relocates Modern and Contemporary Hong Kong Sales to New York
  • Sotheby’s Unveils Plans for New Galleries at York Ave.Sotheby’s Unveils Plans for New Galleries at York Ave.
  • Freud’s £4.5m Early Portrait at Sotheby’s in MarchFreud’s £4.5m Early Portrait at Sotheby’s in March

Filed Under: General Tagged With: Sotheby's

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
 

Loading Comments...