Shareholder bids farewell to 3% Sotheby’s stake

Activist shareholder Nelson Peltz is taking some of the pressure off Sotheby's.

Peltz's Trian Fund Management has sold its 3 percent stake in the auction house — worth around $100 million — just a few months after disclosing the investment in August, The Post has learned.

Peltz, along with fellow activists Dan Loeb and Mick McGuire of Marcato Capital, have been pushing for changes in Sotheby's strategy and the way it uses cash.

Sotheby's, which said it would take a hard look at its business, has seen its shares rise nearly 25 percent since June 30, potentially prompting Peltz to sell. The stock closed Tuesday, up 1.7 percent to $51.92.

Trian declined to comment.

Sotheby's also reported improved results Monday, thanks to higher commissions from private sales and auctions.

The company is holding a major contemporary art auction Wednesday, featuring an Andy Warhol that some speculate could top Edvard Munch's "The Scream," which sold for $119.9 million.

While Peltz has exited the stock, Loeb kept up the pressure Tuesday, saying Sotheby's has $460 million of receivables "earning a very low return that should be monetized."

Loeb was likely referring to money Sotheby's loans to buyers and dealers using art as collateral. Sotheby's could borrow the money it loans out instead of using its own cash, sources said.

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