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  "documentTitle": "Third Point Management | Activist Presentation Deck | 30 slides",
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  "authorName": "Third Point",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide uses a contrast-principle to highlight the underperformance of the art market relative to broader luxury goods.",
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      "kind": "chart",
      "text": "Luxury consumption +28% vs. 2007",
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      "text": "Yet the art market is flat vs. 2007",
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      "text": "Note: luxury market figures include apparel, perfumes and cosmetics, accessories, hard luxury and art de la table; global art market figures based on actual auction and dealer sales data, as well as projections based on the results from polling (per TEFAF). Source: Third Point LLC; Altagamma / Bain; TEFAF (The European Fine Art Foundation) Art Market Reports for 2011 through 2013",
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      "text": "Category leaders like Sotheby’s are responsible for expanding their respective markets. Flattish art market suggests Sotheby’s has done a poor job making art more accessible and appealing to HNWIs. Even though art, in general, is perceived to be a greater store of value than most luxury products (e.g., handbags)",
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      "text": "As one might expect, luxury consumption across a variety of categories is on the rise, yet the art market appears to be flat",
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      "text": "Sotheby’s: Luxury and Art Markets",
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