The Third Point chief then:

Sotheby’s malaise is a result of a lack of leadership and strategic vision at its highest levels...Sotheby’s requires a CEO with sufficient knowledge of the global art markets to make critical decisions, who can move seamlessly around the globe building the business and strengthening client relationships. Respectfully, we do not see evidence that you are the right person to repair the Company and drive its growth in today’s dynamic global art market.

And now:

The Board stands behind the management team led by Bill Ruprecht, and is committed to supporting your efforts and providing additional resources, where necessary, to realize our shared goals….

Sincerely,
…
Daniel Loeb

Loeb Backs Management of Auction House Sotheby’s After Bruising Fight [DealBook]