Why Investors Are Watching Sotheby’s and the Art Market

FORTUNE | Michelle Celarier:

In the fall of 2013, activist hedge-fund manager Dan Loeb announced his campaign to remake Sotheby’s, the venerable auction house. The global art market had been booming, nearly doubling in value over the previous decade, thanks to soaring demand for work by contemporary artists. But Loeb—a collector himself—accused Sotheby’s management of failing to capitalize on that surge, disdainfully comparing the auctioneer to “an Old Master painting in desperate need of restoration.”… Read more

Image: A visitor studies Andy Warhol’s ‘Dollar Signs’ in Sotheby’s London showroom. Photo: Mary Turner—Getty Images