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  "documentTitle": "Third Point Management | Activist Presentation Deck | 30 slides",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "Includes a specific calculation example for a $4.2M hammer price to illustrate the potential margin.",
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      "kind": "callout",
      "text": "Auction margins suggest limited fees collected from consignors and increased use of fractional commissions, where Sotheby's shares the buyer's premium with the consignor",
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      "text": "The Shareholder Slate recommends curtailing the use of fractional commissions and, at the very least, completing a detailed review of the practice since it does not appear to be generating sufficient incremental auction volumes",
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      "text": "Note: hammer price is the final sale price before the buyer's premium is paid. Source: Third Point LLC; Company filings",
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