Cohen’s Point72 Exited Stake in Sotheby’s Amid Rise in SharesBy
Billionaire trader and art collector Steve Cohen exited his stake in auction house Sotheby’s during the third quarter as shares rose.
Cohen’s Point72 Asset Management sold one million shares of the auction house, which were valued at $27.4 million as of June 30, according to a regulatory filing Monday.
At the end of the first quarter of this year, Point72 was Sotheby’s fifth-largest shareholder. Shares of Sotheby’s fell to a low of $19.13 in February and rebounded to gain 48 percent this year through Sept. 30 as the company revamped operations.