Third Point in Sotheby’s row

City A.M. Reporter
ACTIVIST investor Daniel Loeb’s Third Point has called on Sotheby’s chief executive to step down after the hedge fund became Sotheby’s largest shareholder.

Third Point – which last month campaigned unsuccessfully for Sony to spin off part of its entertainment division – holds a 9.3 per cent stake in the brokers and said it would seek to replace Sotheby’s chief executive William Ruprecht once Loeb gains a seat on the company’s board.