Dan Loeb's poison pen is as toxic as ever.
The head of activist hedge fund firm Third Point wrote a scathing letter to the chairman and chief executive of Sotheby's Wednesday, saying the art auction and sales company "is like an old master painting in desperate need of restoration."
Loeb said that nearly $14 billion Third Point is now Sotheby's largest shareholder with 9.3 percent of outstanding shares.
"We are troubled by the Company's chronically weak operating margins and deteriorating competitive position relative to Christie's, as evidenced by each of the Contemporary and Modern art evening sales over the last several years," Loeb wrote. "We are not persuaded by management's explanation that Sotheby's lower market share is due to uneconomic and predatory behavior by Christie's to secure major works."