Sothebys (BID)

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Dan Loeb responds to Sotheby's PowerPoint

Market Pulse Archives

April 9, 2014, 1:05 p.m. EDT

By Sital S. Patel

http://www.marketwatch.com/story/dan-loeb-responds-to-sothebys-powerpoint-2014-04-09?siteid=yhoof2

NEW YORK (MarketWatch) -- Hedge fund billionaire Dan Loeb is punching back at the board of Sotheby's BID -2.10% with a new website showcasing his letters to the management. The website, http://valuesothebys.com/, is for "shareholders who support increased growth and a new agenda for Sotheby's." Loeb's firm Third Point LLC is currently the largest shareholder of Sotheby's and has been lobbying hard for three seats on the board. But the auction house has pushed back just as hard with a lengthy PowerPoint presentation , filed with the Securities and Exchange Commission late Tuesday, blasting Loeb. "Loeb's board experience highlights the short-term nature of his representation of shareholders as a director," Sotheby's says in the presentation. Loeb has sent his own caustic messages to shareholders saying "Sotheby's is like an old master painting in desperate need of restoration," in a letter