Sotheby's said looking for new Manhattan HQ

Dec 26, 2013, 5:16 PM EST
Courtesy: Sotheby's

Sotheby’s is reportedly looking for a new headquarters building in New York City, but any move would be dependent on the sale of its current auction rooms and offices on Manhattan's Upper East Side. The company is also considering leasing out the lower floor of its existing building and using just the five higher floors, according to the New York Post. Sotheby’s management has come under strong pressure from activist investor Daniel Loeb’s Third Point hedge fund, which owns 9.3% of the auction house, to improve its financial performance and capital allocation.