Sotheby’s ends battle with third point

Auction house Sotheby’s said yesterday that it has ended a long-running dispute with activist investor Daniel Loeb's Third Point, agreeing to put Loeb and two of his director nominees on the board, bringing the total up to 15. As part of the agreement, hedge fund Third Point will be allowed to raise its stake in Sotheby’s from 10 per cent to 15 per cent.