BOSTON, April 24 A prominent investor
shareholder advisory firm recommended that Sotheby's
investors should vote for two of the three board candidates
suggested by activist investor Daniel Loeb.
Institutional Shareholder Services sent a report to clients
early on Thursday morning that backs Loeb, an avid art collector
who has been pushing the auction house to cut costs and become
more competitive since last year. A copy was obtained by
Loeb's $14.5 billion hedge fund, Third Point, is the biggest
investor in Sotheby's, with a 9.6 percent stake. The investor
started a proxy contest earlier this year, putting himself and
two other people forward as directors. ISS recommended that
shareholders vote for Loeb and Olivier Reza.
(Reporting by Svea Herbst-Bayliss; Editing by Lisa Von Ahn)