Art Market Monitor

Global Coverage ~ Unique Analysis

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

Confusing Coverage in Sotheby’s Board Fight

April 25, 2014 by Marion Maneker

sothebys

Next week will be a big turning point in the Sotheby’s board fight as the two sides square off in a Delaware court to determine whether Sotheby’s poison pill will stay at full strength. A subsidiary question is whether the judge will postpone the vote based upon his ruling on the poison pill.

In preparation, the New York Times ran a catch story today that really doesn’t offer much in the way of insight. And then there’s this strange bit of reporting. Which employees did Loeb contact? Tobias Meyer? Who was he promoting as potential new CEOs? In his now-famous letter, Loeb wrote that he had identified two internal candidates for the job.

In Sotheby’s view, Mr. Loeb has disrupted its business for months by contacting major employees and positioning himself as their new boss, while also suggesting that prominent art world figures consider becoming the auction house’s chief executive.

Then there’s this stuff about the building which contradicts most of the other reporting about the company’s own initiative to sell the building (which is quite valuable because of the hospital complex next door):

In the fall, he met with Jeff T. Blau, chief executive of the Related Companies, to discuss a possible move to Related’s Hudson Yards complex or the Time Warner Center, according to people briefed on the matter.

Company officials have also complained that Mr. Loeb has sometimes misunderstood the business. Moving Sotheby’s out of its current headquarters, for example, would make life difficult, given how customized it already is for the auction house.

Bare Knuckles at Sotheby’s Auction House (Dealbook/NYTimes)

More from Art Market Monitor

  • London, Art EntrepôtLondon, Art Entrepôt
  • Sotheby's Mid-Season Sale, HighlightsSotheby's Mid-Season Sale, Highlights
  • Art Stage Singapore Lacks Nothing But SalesArt Stage Singapore Lacks Nothing But Sales
  • CBS Sunday Morning on Crystal BridgesCBS Sunday Morning on Crystal Bridges
  • Collector Dies Destitute, Won't SellCollector Dies Destitute, Won't Sell
  • Take a Virtual Tour of TEFAF 2012Take a Virtual Tour of TEFAF 2012

Filed Under: General

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...