Taikang and Sotheby’s have entered into an agreement to find a mutually acceptable independent director to fill the seat Taikang has requested. The quote above is from a filing with the SEC made today by Sotheby’s.

More important, to Sotheby’s, is that the agreement gets Taikang to stand still from acquiring any more stock or working with another substantial owner.

Sotheby’s released this statement late this afternoon:

Statement from Sotheby’s
We welcome Taikang’s investment in Sotheby’s and are optimistic about its support for our strategic initiatives.  We also appreciate Taikang’s assistance to recruit a highly qualified independent director from Asia and remain focused on executing outstanding results for our clients and shareholders.