A regulatory filing showed Monday that Third Point LLC, investor Daniel Loeb's New York-based hedge fund, had increased its stake in Sotheby's to 5.7%. According to the filing, Third Point is looking to communicate with Sotheby's top management regarding matters concerning changes in strategy and leadership. The hedge fund currently owns over 3.9 million shares in the auction house, according to Monday's 13D filing.
Third Point initially took a stake of 500,000 shares in Sotheby's in the first quarter of this year, increasing it to 2 million shares in the second quarter, regulatory filings show. Aside from Loeb, another activist investor, Trian Fund Management's Nelson Peltz, recently took a large stake in the company amounting to roughly 2.1 million shares during the second quarter.
Sotheby's shares rose nearly 3%, reaching USD47.21 per share at the close of trading Monday. Third Point is one of the foremost institutional investors in the market today.
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