Alpha Diallo
All posts from Alpha Diallo
Alpha Diallo in Alpha Diallo,

Loeb Takes 5% stake in Sotheby's

(Image source:

According to SEC filings released yesterday, Daniel Loeb’s hedge fund Third Point LLC has acquired a 5.7 stake in Sothebys (NYSE:BID). Sothebys is a world renowned auction house for fine art paints. Loeb is an avid art collector. In general, art auction fees are declining. This acquisition may just be a fulfillment of a hobby. When global economic conditions turnaround, this maybe a sound investment because affluent people will once again come back to the market.