Adam Lindemann has his investment banker’s hat on in GalleristNY:

For the value of Sotheby’s to be maximized—and for it to exist on a level playing field with Christie’s—it would likely have to go private or be merged into a larger entity. Look at eBay, which has a market cap of $72 billion; sources tell me it is looking to expand its presence in art. It could easily swallow up Sotheby’s and instantly change the value and global reach of the company. Far-fetched? I don’t think so. EBay certainly knows how to build efficient online selling platforms.

Barbarians at Sotheby’s Gate?: Activist Investor Daniel Loeb Is Shaking Up the Centuries-Old Auction House (GalleristNY)