Shares of Sotheby’s (NYSE: BID) spiked nearly 4 percent higher after a 13D filing by Third Point Capital, the hedge fund of famed investor Dan Loeb showed a 5.7 percent stake in the company.
In the filing Loeb said that he will push for more talks.
Sotheby’s has had a strong year as it gained more than 32 percent in what what has been very healthy chart action.
Twitter is full of reaction to this news, among the most clever:
Doesn’t Dan Loeb know proper market protocol is to tweet your position? $BID
— Kyle E. Metivier (@kem312) August 26, 2013
Sotheby’s operates as an auctioneer of authenticated fine art, decorative art, and jewelry. The company operates in three segments: Auction, Finance, and Dealer. The Auction segment primarily acts as an agent by offering works of art for sale at auction and by brokering private sales of artwork. The Finance segment provides financing secured by artworks to collectors and art dealers. This segment offers secured loans, including advances secured by consigned property to borrowers who are contractually committed to sell the property at auction in the near term; and general purpose term loans secured by property not presently intended for sale.
The Dealer segment operates as an art dealer that sells works of art from inventory directly to private collectors and museums. This segment also acts as a broker in private purchases and sales of art; and is involved in the purchase and resale of artworks, and retail of wines. The company also engages in licensing Sothebys International Realty and related trademarks; and licensing its Sothebys brand name for use in connection with the art auction business in Australia, art education services in the United States and the United Kingdom, and print management services. Sothebys has operations in the United States, the United Kingdom, China, Switzerland, France, and internationally. The company was founded in 1744 and is headquartered in New York, New York.