Art Market Monitor

Global Coverage ~ Unique Analysis

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

Marcato Capital Reduced Sotheby’s Stake by a Third Missing Out on Recent Run-Up

June 14, 2017 by Marion Maneker

Marcato Capital continues to bow out of Sotheby’s despite having missed out on meaningful gains in the stock. The firm once held as many as 4.6m shares. By the end of 2016, their holdings were down by more than a half to 2.6m. The current 13F filing reveals that Mick McGuire has further pared his position to 1.7m shares currently worth $80m.

The filing means that McGuire, who initiated the activist upheaval in BID, got very little return on his multi-year play. He bought the stock in the mid-30s in late Spring of 2013. McGuire’s focused set of demands were swamped by a more ambitious plan to over-haul and transform the business Sotheby’s is in. The success of that project remains to be seen.

McGuire did get the firm to buy back a substantial portion of the stock float which has brought the price back to levels not seen since the height of the initial battle with management in late 2013. McGuire’s most recent sales in Q1 of this year missed out on a substantial rise in the company’s stock leaving much of his hoped-for gains on the table.

More from Art Market Monitor

  • Zhang Xiaogang and Key Chinese Contemporary Artists from Storied Johnson Chang Collection Come to AuctionZhang Xiaogang and Key Chinese Contemporary Artists from Storied Johnson Chang Collection Come to Auction
  • Bacon, Picasso, Lichtenstein Top 2020 Global Modern & Contemporary Auctions: AnalysisBacon, Picasso, Lichtenstein Top 2020 Global Modern & Contemporary Auctions: Analysis
  • Van Rysselberghe, Klee, Magritte Lead June 2020 Paris Impressionist and Modern Sales: AnalysisVan Rysselberghe, Klee, Magritte Lead June 2020 Paris Impressionist and Modern Sales: Analysis
  • As Coronavirus Escalates, Sotheby’s Relocates Modern and Contemporary Hong Kong Sales to New YorkAs Coronavirus Escalates, Sotheby’s Relocates Modern and Contemporary Hong Kong Sales to New York
  • Sotheby’s Unveils Plans for New Galleries at York Ave.Sotheby’s Unveils Plans for New Galleries at York Ave.
  • Freud’s £4.5m Early Portrait at Sotheby’s in MarchFreud’s £4.5m Early Portrait at Sotheby’s in March

Filed Under: General Tagged With: Sotheby's

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...