Dan Loeb Goes After Sotheby’s

    Not content with recent meddling in Yahoo and Sony, investor Dan Loeb’s Third Point LLC announced it now has a 5.7 percent stake in auction house Sotheby’s. Loeb has yet to make his plan for Sotheby’s clear, but he is just the latest to reveal a stake in the storied auction house. Recently Marcato Capital Management revealed a 6.6 percent stake and declared the stock undervalued. Nelson Peltz (who is currently trying to shake up Pepsi) also has a significant stake. Sotheby’s has missed earnings estimates for the two most recent quarters, despite an art market that has been on fire of late.

    Read it at the Wall Street Journal