Sotheby's Holdings Inc Third Point (Loeb) (9% holder) issues comments, urges stockholders support nominees
- Third Point: Sothebys should focus on holding more auctions and improving volumes by capturing a greater slice of the addressable market. The market for fine art is $65 billion annually while for fine jewelry, it is $240 billion, and for fine wine, $10 billion. Sothebys is achieving only about $6 billion in sales across more than 70 collecting categories. We see an enormous opportunity for the Company to capture a greater share of the primary and secondary markets for desirable luxury products through better tools, improved management, and increased accountability.
- We are confident that our nominees Daniel S. Loeb, Harry J. Wilson, and Olivier Reza bring expertise and fresh perspectives necessary to continue to move Sothebys forward. They will bring long-term thinking and a much-needed sense of urgency to the Board. Third Point has delivered benefits to Sothebys shareholders already and can be counted on to create future value for all of our fellow owners. We ask for your support for each of these nominees by voting your WHITE proxy card today.