????一家市場表現超過標準普爾指數三倍的公司，為什么會成為維權派投資者攻擊的目標？

????乍一看，拍賣公司蘇富比（Sotheby's）與對沖基金Third Point之間的較量讓人完全摸不著頭腦。投資家丹?勒布旗下的對沖基金Third Point持有蘇富比9.3%的股份。在最近的一封信中，勒布要求蘇富比立即驅逐CEO兼董事長威廉?魯普雷希特。魯普雷希特在蘇富比任職13年，在此期間，這家公司的收益增加了約75%。蘇富比股票今年的漲幅超過了50%。

????然而，盡管取得了這些成功，但花旗集團（Citigroup）奢侈品分析師奧利弗?陳卻認為，這家公司原本可以有更好的表現。相比其私營競爭對手佳士得拍賣行（Christie's），蘇富比在亞洲市場和當代藝術市場均落于下風?！斑@些領域更吸引新興市場的買家，也蘊藏著最大的機遇?！?/p>

????近期，蘇富比在香港舉行了為期五天的拍賣會，共有拍品3,571件，其中中國藝術家曾梵志的一幅油畫在周六晚上以2,330萬美元成交，創下亞洲當代藝術品拍賣的記錄。但紐約咨詢公司Artvest的杰夫?拉賓認為，這對于加強蘇富比市場地位的作用微乎其微?！凹咽康门馁u行在亞洲依然占據主導地位，包括中國的高端與中端市場。”

????拉賓認為，除此之外，蘇富比還犯下了一個“關鍵性錯誤”，那就是沒有重視低端藝術品銷售。雖然這家足有269年歷史的拍賣行在高端藝術品市場取得了令人矚目的成績，比如愛德華?蒙克的作品《吶喊》（The Scream）在去年拍出了1.2億美元，但它在這個市場的利潤卻面臨著壓力。拉賓說：“售價100,000美元的拍品的買家傭金為25%以上；而100,000美元至200萬美元之間的拍品，買家傭金則降至20%；200萬美元以上的拍品，傭金僅有12%。”

????為了獲得著名作品的拍賣權，拍賣行通常會將一部分買方傭金作為回扣支付給賣方，這就是所謂的“加強槌”。拉賓認為，蘇富比和佳士得拍賣行在高端市場的競爭如此激烈，利潤必然受到擠壓?！岸诘投耸袌霾淮嬖诨乜?，拍賣行可以獲得全部的傭金。這些業務才是拍賣行在困難時期得以維持的依靠。而蘇富比實質上已經放棄了這部分市場?！?/p>

????據拉賓表示，蘇富比將重心主要放在高端物品拍賣?！斑@種策略并不成功?！?/p>

????拉賓稱，蘇富比是藝術界歷史最悠久、最受尊敬的拍賣行之一，重視低端拍賣并不會貶低它的品牌價值。“聲望與蘇富比不相上下的佳士得拍賣行就沒有這樣的問題。關注較為低廉的拍品是吸引新客戶的一種很好的策略。有錢人不會一開始就購買最高端的拍品，不論他們多么富有。首先，他們要培養收藏藝術品的品味，比如，首先從150,000美元這個級別開始，逐步提高投資級別。這正是佳士得拍賣行的優勢所在：它能滿足每一個細分市場的需求?！?/p>

????How does a company that outperforms the S&P index by a factor of three become a target for an activist shareholder?

????At first sight, the battle between auction house Sotheby's and Third Point, the hedge fund of financier Daniel Loeb, which has a 9.3% stake in Sotheby's (BID), seems puzzling. In a recent letter, Loeb demanded the immediate ouster of CEO and Chairman William Ruprecht, who in his 13-year reign has grown revenues at Sotheby's by almost 75%. Sotheby's shares are up more than 50% for the year.

????Despite these successes, results could even have been better, says Oliver Chen, luxury analyst at Citigroup. Compared to its privately held competitor Christie's, Sotheby's is lagging behind in Asia and in the contemporary art market. "Those are the places where buyers from emerging markets are gravitating towards, and where the biggest opportunities are."

????Sotheby's recent five-day, 3,571-lot auction in Hong Kong, which scored $23.3 million for an oil painting by Chinese artist Zeng Fanzhi on Saturday night, a record for Asian contemporary art, has done little to strengthen its market position, says Jeff Rabin of Artvest, a New York-based advisory firm. "Christie's is still absolutely dominant in Asia, both in the high end and the midlevel of the Chinese sector."

????On top of that, Sotheby's made a "critical error" by not focusing on lower end art sales, says Rabin. While the 269-year old auctioneer has achieved some spectacular results in high-end art, including fetching $120 million for Edvard Munch's "The Scream" last year, margins in this market are under pressure. "A buyer's premium starts at 25% for sales up to $100,000, but drop to 20% for lots between $100,000 and $2 million, to 12% for anything above that," says Rabin.

????To get prestigious works under the auction hammer, houses will often rebate a portion of the buyer's premium back to the seller, a practice known as an "enhanced hammer." Since Sotheby's and Christie's compete so aggressively at the high end of the market, margins are squeezed, says Rabin. "Whereas on the low end, there is no rebating, and auction houses are earning a full commission. That is the kind of business that keeps the lights on in difficult times. It is also a part of market that Sotheby's has virtually abandoned."

????According to Rabin, Sotheby's has focused mainly on high-end properties. "It is a strategy that doesn't work."

????A focus on lower end auctions will not cheapen Sotheby's brand, which is one of the oldest and most respected in the art world, says Rabin. "It didn't for Christie's, which has a sterling name as well. Focusing on cheaper lots is a good way of attracting new customers. Wealthy people don't start buying at the highest end, no matter how much money they have. They will have to develop a taste for collecting art first, for instance by starting at the $150,000 level and moving up from there. That's what makes Christie's so strong: It caters to every segment of the market place."?