Hedge fund Marcato Capital Management has revealed that it has bought 6.61% of Sotheby’s.
In a regulatory filing with the SEC it sad that it has invested because: “The Shares are undervalued and are an attractive investment.”
Marcato is sometimes an activist shareholder and has been known to lobby management to change their strategy. However this is not true for all of its investments.
Sotheby’s released a statement saying: “Sotheby’s acknowledged today’s Schedule 13D filing by Marcato Capital Management reporting a stake in Sotheby’s comprised primarily of shares underlying call options. Sotheby’s Board of Directors and management team are committed to building long-lasting value for all of Sotheby’s shareholders and we welcome investment in the Company.”