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Billionaire Loeb Confirmed as Sotheby’s New Board Member

Billionaire hedge-fund manager Dan Loeb was confirmed as Sotheby’s newest director following a closely watched proxy fight between the auction house and its largest shareholder.

Loeb and five others were officially appointed to the board today at Sotheby’s annual shareholder meeting in New York. The activist investor sat in the front row of the room. His Third Point LLC owns 9.65 percent of Sotheby’s shares, according to a regulatory filing.