Loeb's Third Point to nominate three for Sotheby's board

Dan Loeb's Third Point hedge fund is stepping up its fight with Sotheby's.

It will nominate three people to the auctioneer's board of directors, according to a filing.

Loeb will be one of the nominees, along with Harry Wilson and Olivier Reza.

Sotheby's board is currently meeting in New York City, a source tells CNBC. Sotheby's shares fell 10 cents in morning trading. (What's the stock doing now? Click here)

Last October, Loeb urged Sotheby's management to leave, likening the company to "an old master painting in desperate need of restoration."

—Reporting by Scott Wapner, writing by CNBC.com staff