A bitter battle for seats on the board of Sotheby’s might come down to who has the most impressive art collection.
Hedge fund activist Daniel Loeb, who is trying to shake up the 270-year-old auction house, yesterday won backing for his attempt to get a seat on the board from Institutional Shareholder Services, in part on the strength of his dealings in 20th century paintings.
Mr Loeb has been dismissed by Sotheby’s as an upstart financier interested only in short-term gain, yet he has touted a dazzling collection of art that includes works by Andy Warhol, Jean-Michel Basquiat and Cindy Sherman.
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