Hedge fund manager Mick McGuire had never been this thrilled to participate in a Sotheby's auction. McGuire who had been running Marcato Capital Management thought about how the auction house could do better for his company's shareholders. Since June, the idea of participating in the auction had built a 7% stake to allow him to take some of his proposals to management.

McGuire is a former partner at Pershing Square Capital Management owned by William Ackman. McGuire had been analyzing balance sheets in making his approach for Sotheby's. The auction house had attracted collectors from all over the world with art pieces valued millions of dollars.

A possible sale of Sotheby's glass front world headquarters on Upper Manhattan's East Side had been among the ideas of McGuire. He was also thinking that the small lending business of Sotheby would rely more on debt than cash. This was according to a source that was familiar with McGuire's ideas but asked not to identified as the matter was held private in nature.