Posts Tagged ‘ art market ’

Sotheby’s and Third Point come to terms

May 7th, 2014 | By

  Sotheby’s announced in a Press Release they have settled their differences with Third Point, for now, which seems sensible for all concerned.  Sotheby’s are dropping their Poison Pill defence and Third Point are to be allowed to build a maximum stake of 15% and add their three desired directors to the Sotheby’s board: Dan
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Olivier Reza, one of the candidates suggested by Loeb to join the Sotheby's board

Third Point counters Sotheby’s latest position

Apr 15th, 2014 | By

Dan Loeb’s Third Point LLC has produced a vigorous response to Sotheby’s latest position by submitting a well researched new filing to the  SEC.  In a form schedule 14A, citing ‘Definitive Additional Materials,’  Third Point shows how that slumping profits and falling revenue back up their claims that Sotheby’s needs some new directors, a clearer vision
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'The team is resting' by Victor Popkov, 1965

Victor Popkov Exhibition opens at the Ca’ Foscari In Venice before heading for London.

Feb 22nd, 2014 | By

  40 works of the Russian artist Viktor Popkov (1932-1974) have gone on display at the University Ca’Foscari in Venice until April 27th, 2014. The new exhibition “Dream and Reality“ examines the most significant works of the famous Russian painter, through themes such as life, fate and death. Viktor Popkov became one the most influential
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Shareholders list their demands to Sotheby's CEO William Ruprecht

Will aggressive activist investors shake up Sotheby’s? Ivan Lindsay investigates for Spears WMS Magazine

Feb 20th, 2014 | By

BIDDING WARSotheby’s finds itself locked in a battle with Dan Loeb, one of New York’s most aggressive fund managers. Loeb, 51, who refers to himself as an ‘activist investor’ (the current term for corporate raider), has built up a 9.3 per cent stake in the 269-year-old auctioneer using his Third Point LLC. Sotheby’s first realised
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Tobias Meyer, formerly of Sotheby's, selling Andy Warhol's 'Liz' for more than US$20m in November 2013.

Sotheby’s pay the price for having investors with short-term horizons

Feb 5th, 2014 | By

Sotheby’s caved in to pressure from short-term investors last week by announcing it would pay shareholders a US$300m dividend in March and that it might sell its New York and London offices.  Sotheby’s intended to use its cash position to grow into a diversified conglomerate holding positions in art and real estate.  The cash allowed
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Western auction houses master art of selling to the East

East Buys West

Dec 22nd, 2013 | By

  EAST BUYS WEST – Spears Magazine, September 2013. The efforts of auction houses and dealers to help Chinese, Russian and Indian collectors acquire a taste for Western art are starting to pay off, judging by recent sales With the wrap-up of Old Masters week and the Masterpiece fair in London, an exhausted art market
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Portrait of a gentleman by Sir Peter Paul Rubens

Russian buyers claim one third of recent Old Master paintings Lots

Dec 13th, 2013 | By

According to Colin Gleadell in the Luxury section of London’s Telegraph newspaper Russian buyers were out in force at the recent Old Master sales at Christie’s and Sotheby’s in London.  Russian buyers have mainly stuck to Russian art over the last 2o years but it may that they are finally starting to persue other art categories
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Frieze Art Fair in Regents Park

Frieze London 2013 rolls into town

Oct 16th, 2013 | By

It’s that time of year again and London’s Frieze week starts today with numerous dealer shows , auctions and fairs selling a potential record US$2bn of artworks.  The Frieze Art Fair opens tomorrow for VIP guests in a purpose built structure designed by architects Carmody Groake in Regents Park.  Gagosian will be showing five works by
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Daniel S. Laub, founder and major shareholder in Third Point LLC

Activist investor Dan Loeb attacks Sotheby’s

Oct 3rd, 2013 | By

Activist investor, Daniel S. Loeb, has revealed that his hedge fund, Third Point, is now the largest shareholder in Sotheby’s holding 9.3% of the outstanding shares.  Known for his stellar results and previous shareholder activism at Sony and Yahoo Loeb has now turned his sights on Sotheby’s writing an open letter asking for the resignation of
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Viewers examined works presented by a number of prominent Moscow galleries at last year’s Art Moscow fair.

17th Art Moscow Fair opens with New Format

Sep 19th, 2013 | By

  Moscow Times 17 September 2013 | Issue 5215 By D. Garrison Golubock   Art Moscow Viewers examined works presented by a number of prominent Moscow galleries at last year’s Art Moscow fair. When the Art Moscow fair first opened 17 years ago, it was truly a one of a kind event, a fair intended to bring together foreign and Russian galleries,
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