Art Market Monitor

Global Coverage ~ Unique Analysis

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

Cohen’s Point72 Cut Sotheby’s Stake By Two Thirds

August 17, 2016 by Marion Maneker

Point72 13f Q2 16

The latest 13F filing for Steven Cohen’s Point72 Asset Management shows that the hedge fund now only holds 1m shares of Sotheby’s (BID) stock. At the last filing, Cohen’s documents showed he owned 5.5% of the company’s stock, or more than 3m shares, having bought during the December and January price collapse.

One of the key questions around Taikang’s purchase of a 13.5% stake in Sotheby’s on the open market was how the life insurer was able to acquire so much of the stock without drastically moving the price. The logical place to look for a seller was Cohen’s Point72, an active trader of stocks that would have been keen to realize the nearly 50% rise in value over a six month span.

More intriguing than Cohen’s sales are the fact that Point72 retains 1m shares, a sign that Cohen believes the stock has more room to run either because of improvements in earnings or the potential for the company to be acquired by a strategic buyer like Taikang.

More from Art Market Monitor

  • Christie’s PWC Day HighlightsChristie’s PWC Day Highlights
  • Asia Week Tallied $55.7mAsia Week Tallied $55.7m
  • What Sigg Saw in Chinese Cont. ArtWhat Sigg Saw in Chinese Cont. Art
  • Frieze New York Sales ReportFrieze New York Sales Report
  • Christo Sells DirectChristo Sells Direct
  • Art v. EquitiesArt v. Equities

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...