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Friday, June 23, 2017

Hedge Funder Steve Cohen’s Investment Firm Drops Two-Thirds of Its Sotheby’s Stock

Sotheby's. Sotheby's. Wikimedia Commons

Point72 Asset Management, the investment firm owned by hedge fund manager/art collector Steve Cohen, has dropped two-thirds of its stock in Sotheby’s. According to a report from the Securities and Exchange Commission, the company’s shares dropped from 3.2 million to 1 million. The firm was previously the auction house’s fifth largest shareholder. The news came weeks after the Chinese insurer, Taikang Life, acquired a 13.5% stake in Sotheby’s, making it the house’s largest shareholder.

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