Dan Loeb Goes After Sotheby’s

Not content with recent meddling in Yahoo and Sony, investor Dan Loeb’s Third Point LLC announced it now has a 5.7 percent stake in auction house Sotheby’s. Loeb has yet to make his plan for Sotheby’s clear, but he is just the latest to reveal a stake in the storied auction house. Recently Marcato Capital Management revealed a 6.6 percent stake and declared the stock undervalued. Nelson Peltz (who is currently trying to shake up Pepsi) also has a significant stake. Sotheby’s has missed earnings estimates for the two most recent quarters, despite an art market that has been on fire of late.