Hedge Fund Owner Sells Stake in Sotheby's

The NY Times Art Beat is reporting that hedge fund tycoon and art collector Stephen Cohen has sold his stake in international auction house Sotheby's.  At one point in time according to the article Cohen's SAC Capital Advisors owned 6% of Sotheby's. Art Beat is reporting that according to SEC filings, the fund had sold its holdings in Sothbey's by the end of June. As the Sotheby's share price chart reveals, after shares fell back in July they have been on a very nice rally.  It appears Mr. Cohen sold too early as the current price is around $18.00.

Keep in mind that Cohen probably paid less than $10.00 while accumulating his 6% and selling in the area of $14.00 per share.  Given the volume, still a very nice short term profit.. 

The NY Times Art Beat reports

A spokesman for SAC Capital, Jonathan Gasthalter, declined to comment on why SAC sold the stock. Whatever the reason, it was likely at a profit. The fund acquired its Sotheby’s stake between September and April, a period in which the auction house’s stock was battered by the financial crisis and a shrinking art market. The share price was below $10 for much of that period, down from a high of $61.40 at the end of the boom. This spring, the stock rebounded somewhat –­ it was $14.48 a share on June 30­, so SAC’s sale of its roughly four million shares was likely to have netted several million dollars.