Sotheby's is a multinational corporation, originally British but now headquartered in New York City. One of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles, Sotheby's operation is divided into three segments: auction, finance, and dealer. The company’s services range from corporate art services to private sales.
We are convinced that having an owner's perspective in the boardroom yields better results, that this board is in dire need of fresh insights, and that our candidates are more qualified than the company's emissaries we are seeking to replace.
Mr. Loeb has accused Sotheby's of rebating the fees its takes for selling multimillion-dollar works, while also taking less of the buyer's fees to attract more business. He has taken issue with the auction house's strategy of focusing on top clients and headline sales. He has even criticized board members' relatively low holdings of their own company’s stock.
We believe that Sotheby's shareholders should vote for all of Sotheby's director nominees. We note that ISS rejected one of Third Point's nominees and recommends that shareholders vote for our Say on Pay proposal.