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Sotheby’s Auction House Becomes Target of Loeb’s Third Point

Sotheby’s, the New York-based art and collectibles auction house, is being targeted by Daniel Loeb’s Third Point LLC activist hedge-fund firm, which amassed a 5.7 percent stake.

Third Point, based in New York, spent $156.7 million on the holding, according to a filing yesterday with the U.S. Securities and Exchange Commission. Loeb, 51, intends to engage Sotheby’s board and management in talks, the regulatory filing shows.