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Stock Market & Financial Investment News

News Breaks
December 2, 2013
06:00 EDTBIDSotheby's mainland China auction raises $37M, Bloomberg reports
Sotheby’s first commercial auction in mainland China raised $37M and set a record for Chinese-French artist Zao Wou-Ki in Beijing yesterday, reports Bloomberg. China is the fastest-growing source of clients for international auction houses as increasing affluence is driving demand for art and collectibles as alternative investments. Reference Link]:[http://www.bloomberg.com/news/2013-12-01/zao-wou-ki-s-12-5-million-painting-sets-artist-record.html]
News For BID From The Last 14 Days
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April 23, 2014
17:28 EDTBIDSotheby's reports preliminary Net Auction Sales up 40% to $730M
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April 21, 2014
12:57 EDTBIDThird Point urges Sotheby's shareholders to support director nominees
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April 17, 2014
13:47 EDTBIDSotheby's issues presentation refuting Third Point's claims
Sotheby's issued an investor update presentation refuting claims made by Dan Loeb's Third Point, which holds a considerable stake in the company and is seeking to place members on the company's board, among other things. Sotheby's said, in part, that it has, "consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability." The company said that its FY13 revenue grew 11% with earnings growing 20%, and the company notes that Loeb has said the company did not have a strong FY13. Sotheby's said that it does not believe Loeb possesses the long-term focus necessary to drive value for all shareholders of the company. Shares of Sotheby's are unchanged in afternoon trade. Reference Link
April 15, 2014
07:38 EDTBIDLoeb says Sotheby's accusations 'misleading,' Reuters says
Activist investor Daniel Loeb, who is fighting to gain control of three board seats at Sotheby's, increased tension by saying that the current board has failed and that its accusations on him are "false" and "misleading," according to Reuters, citing comments from Loeb. Reference Link

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