Last week, Sotheby’s released an investor presentation slamming activist investor Daniel Loeb and the two nominees for the board backed by his hedge fund Third Point LLC.
In sum, the auction house said that Loeb and his nominees lack experience to be on the board.
Loeb, who owns a 9.6% stake in Sotheby’s, has now fired back with a presentation of his own.
In that presentation, he has included a slide calling the board’s criticism about his experience to their investors part of a “Misdirection Campaign.”
Loeb’s presentation touts his experience as a “leading collector of modern and contemporary art.” He points out that he’s been recognised by ARTNews as one of the “200 Top Collectors” each year since 2005.
He also points out that works from his family collection have been showcased in museums and shows. For example, some pieces from his collection by artist Martin Kippenberger were featured in the 2009 exhibition “The Problem Perspective” at the Museum of Modern Art (MoMA) in New York.
He’s also a trustee of the Museum of Contemporary Art in Los Angeles.
Here’s the slide: