The Market Doesn’t Like Loeb’s Plan for Sotheby’s

Third Point’s pitch for Sotheby’s doesn’t seem to be inspiring anyone else to buy the stock. Daniel Loeb’s hedge fund released its case for improving the auction house’s financial performance and charting a growth strategy last night. At this morning’s open, Sotheby’s stock struggled and then broke below the historically significant $40 price floor falling more than 3% before recovering slightly and closing down 2+%.