(Adds details, share move)
July 18 Sotheby's said it would cut an
unspecified number of jobs to cut cost, months after ending a
long-running battle with billionaire investor Daniel Loeb by
appointing him to its board.
Sotheby's shares rose 3 percent to $39 on the New York Stock
Exchange on Friday.
Loeb, a prominent art collector, has long criticized
Sotheby's for spending too much and not being properly
positioned in the modern art market.
Loeb runs Third Point, Sotheby's biggest shareholder with a
stake of 9.7 percent as of May.
The auction house, which has reported a loss for five of the
last nine quarters, said on Friday it expects employee-related
restructuring charges of about $13 million in the current
The job cuts, mainly impacting the company's U.S. and UK
operations, are expected to be fully implemented by the end of
the year, Sotheby's said.
Sotheby's had 1,577 employees as of Dec. 31, 2013, with 618
in North America and South America, and 521 in the UK.
The restructuring plan, the result of a strategic review,
will result in the reallocation of resources to collecting
categories and regions with the highest growth opportunity, the
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by