Cohen’s Point72 Asset Management had built up a significant investment in the auction business and earlier this year was Sotheby’s fifth-largest shareholder with 3.2m shares.
He has gradually reduced his stake during this year and, in the last three months, has sold out completely. Sotheby’s shares had risen more than 40% between February and October after it announced plans to cut costs.
Last week, Sotheby’s revealed in its third quarter results that cost-cutting led to a 6% reduction in expenditure during the period and a 12% reduction over the half-year.
It also announced the appointment of Linus Cheung as a member of the board of directors.
In connection with this appointment, Sotheby’s and its largest shareholder, China's Taikang Insurance Group, agreed that Taikang will not increase its stake in Sotheby’s beyond 15% for the next three years.
