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Loeb Takes 5% stake in Sotheby's

(Image source: artspeakchina.org)

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.