Melanie Gerlis (@mgerlis) of The Art Newspaper reports:
Daniel Loeb, the chief executive and founder of the hedge fund Third Point, has become the largest shareholder in Sotheby’s and made public a stinging letter calling for the resignation of the auction house’s chairman and chief executive, Bill Ruprecht. A core issue raised is Sotheby’s lack of an online sales strategy, particularly in relation to its rival Christie’s.
This is a clear demonstration of what we covered last week in our Digital KPIs column (see below) and which we’ll be revisiting over the coming weeks. Technology is transforming the art market and the number one item on any art market company CEO’s agenda must be a coherent digital strategy – if they’re not fighting a boardroom battle for survival.
- “Hedge fund calls for Sotheby’s chief executive to ‘step down’” (The Art Newspaper)
- “Digital KPIs: @Sothebys versus @ChristiesInc – who’s on top in social media?” (Art Market Technology)
- Loeb Raises Stake in Sotheby’s and Seeks Board Seat (New York Times)
- Loeb’s letter (SEC filing)