Another hadge fund is heard from in the activist assault on Sotheby’s. Mick McGuire runs Marcato which holds 6.7% of Sotheby’s stock::

Marcato Capital Management LLC, spelled out its arguments for the first time in a presentation to investors Wednesday evening. According to the presentation, reviewed by The Wall Street Journal, Marcato wants Sotheby’s to sell its New York and London properties and unlock the capital it uses in its smaller art financing and art dealing operations. The hedge fund, Sotheby’s third-largest shareholder, believes those moves could free up $1.3 billion in cash, enough to buy back nearly a third of the company’s stock. […]

Mr. McGuire met with Sotheby’s in August and continues to speak with the company’s management, a person familiar with the matter said. […] The stock closed little changed Wednesday at $52.58, already up about 20% since Marcato first disclosed its holdings in the stock in late July. Mr. McGuire told investors he thinks the stock could rise to $68 if his plans are adopted. […] [H]e agrees with Mr. Loeb’s arguments regarding strategy, though the two aren’t working together on the investment, the person said. Mr. McGuire believes the balance sheet improvements are “low-hanging fruit” that can juice shares quickly. Afterward, the company can take a year or two to beef up its operations along the lines of what Mr. Loeb suggests, the person said.

Sotheby’s Investor Marcato Pushes to Sell New York, London Properties (WSJ)