The Wall Street Journal reported that shareholder Marcato Capital Management had wanted Sotheby's to sell its properties in New York and London. The report said Marcato also urged the auction house to utilize short-term debt to finance operations and generate USD 1.3 billion in cash. WSJ also reported that Marcato Founder Richard McGuire revealed a plan in a San Francisco conference that would enable Sotheby's to return cash to its stakeholders. McGuire said that if his plan would be put into place, Sotheby's share price could increase to USD 68 a share. At the close of yesterday's trading, its price per share was USD 52.58.

According to Bloomberg, Sotheby's undertook a shareholder rights plan on October 4. The plan would reportedly protect the auction house from hostile takeovers. The plan was adopted after Daniel Loeb, a hedge fund manager, increased its stake in Sotheby's. Loeb then called for the resignation of Sotheby's Chief Executive Officer William Ruprecht. 

Marcato holds a 6.7% stake in Sotheby's while Loeb's Third Point has a 9.3% share.