sotheby's doesn't have to editorialize.ne for his investors and for companies that he's been involved in from that standpoint. >> judge, just to put a ball on it, he didn't get them into ali baba, but they could have sold way too early. >> the negotiations were well under way. the dine wasn't signed until he was there. >> and selling too early would have meant that they missed, because the stock has basically tripled pretty close to it since yahoo!'s been in. and i think that would have been a big mistake if they took the money off too soon. >> this is like an auction process, where you have besides with one-upping each other, if you will, with statements and other things. pay attention for more developments as it goes there, valuesothebys.com. >>> from is more fallout from the debate of high-frequency trading and the claims made by author michael lewis that the stock market is rigged. tradestation is the first retail brokerage to give clients access to the new platform, effective today. the ceo of tradestation joins us liv

the best way to hedge this, short the stock of sotheby's. take a line what he said on "squawk box" this morning. >> looking to hedge it right now, though. the contemporary market is gone -- >> what do you short? sell these? >> easiest way to hedge a portfolio. >> art is not in a bubble. the rise will continue. sotheby's doesn't just sell art. the share price rises during speculative bubbles. the chart, see the dotcom bubble, and now the central bank bubble. rising in all occasions. what makes this boom different is that these huge prices are often for living artists. these are still artists producing work. jeff coonce, selling that "balloon dog" record for a living artist. and garhardt restrictor, german painter frequently breaking the $20 million, a piece that sold in the fall. a big test of that market in the spring. cindy sherman photo about to sell at sotheby's for $2 million to $3 million. the seller, a hedge funder, a smart trader, known for this, in the art space. best way to play the art market if you can't store sotheby's art, sell

i'm not sure i would be shorting sothe sotheby's with logan there though. they get things done. >> hard to figure without a stock stock market trash or a big pullback. >> good point. you don't know we're at the peak. you don't know you're at the peak so you come down from it. >> all right. shares of seaworld taking a hit on a 13% drop in attendance for the first quarter. josh brown? >> this thing is a wreck. fundamentally, technically, morally. blackstone is selling another 15 million shares today in a secondary and they're giving up their controlling interest which i thought was notable. i don't like anything about it. i think it will make a new low from last year. >> barnes and noble getting hit hard. liberty media selling 90% of the stake in that company. steph? >> quite a reversal just three years ago they wanted to buy this company out right. i'm sure they made money in the transaction and the books and the nook, the combination, just not working. i think you're going see a big restructuring coming. >>> ten-year yield backing off 2.8% today but the big

a climate of engagement on the part of some companies with activists, but not so in the case of sotheby's >> i think this is all a point very well taken. i think within the last six months or even a year, a sort of longstanding practice at investment banks and independent advisers has really ramped up which is activism defense. so in the case of ebay, you had a sort of unexpected involvement of jpmorgan. >> i love that point, kate. and i wanted to ask you about it. you cover the space, the banking space, much more closely than i do. what does it say, really, to carl's point about, you know, here you have goldman as an adviser here who at least according to carl, never picked up the phone and called. it was an intervention by jimmy lee that said, you know, what are you guys doing? why don't you talk this out and figure it out? maybe there's more to the story. and i'm sure there is. but carl's point, i thought, was interesting. >> yeah. and i thought that's an interesting twist, too. here's jpmorgan which actually ended up having ebay as the client, actually. john donahoe was their client.

not anything specifically that sotheby's itself has done here.ovation and creativity at a senior level. and what's really interesting here is you remember yesterday, jim was on "squawk box" saying that the art market was in a bubble. certainly parts of it he thought were in a bubble, that he was short sotheby's shares as a result of that. well, mr. loeb telling me on the phone a short time ago that while i like and respect jim, i disagree with him on that issue. he says chanos doesn't understand the scarcity factor in museum quality art. they are no longer being created. he agrees there are incredibly high prices being paid for artworks by young artists. he does like the art market to hampton's beachfront real estate saying that jim owns a home on the beach. he should understand a scarcity issue as it relates to beachfront property much like it does to the art market. so that's where we are about a month out now from the sotheby's annual meeting. loeb urging shareholders to vote for his slate. sotheby's urging shareholders to vote for it. it has

there's a chart of sotheby's.at one on the right-hand side, you were talking about this a year or two ago, sotheby's. >> yes, in fact there's been a double peak there. the 1% is people that are wealthy that are in the market may feel wealthier and may go out and spend. it's not trickling down to the other 250 million americans. and that's the issue. i think that transmission mechanism is the one we can talk about, whether you want to call it a rig or manipulation or whatever. are asset prices part of the fed's mandate? it seems they are. >> the fed chairman talks about it every time they mention it. >> they absolutely talk about it now. which tells you it's first and foremost in their policy discussions. when do they change that? and what do they do if asset prices don't adhere to their script? i mean, we're in unchartered waters. >> does it make it tough to be a short seller. >> becky, it's always tough to be a short seller. >> is more difficult, though? >> clearly. when everybody thinks the fed has their back, w

. >> still ahead forget sotheby's. one auction house has rare items. >> back in a moment.[doorbell rings] hey. hey. what's this? it's u-verse live tv. with at&t u-verse... you can watch live tv from your device. hey. hey. anywhere in your home. [doorbell rings] hey. hey. so you won't miss a minute of ncaa march madness. call now to get a u-verse bundle for the same great price for 2 years. guaranteed. >>> coming up at 6:00 a san francisco family's oven proved to be anything but a best buy. michael finney on at my yens that couldn't have broken down at a worse time z a peek into the future. some amazing gadgets that could some day change the way we live. now back to you. >> thank you. see you then. >> art fans have a rare opportunity this weekend. >> yes the auctions is putting 95 tiffafy masterpieces on display. >> is an mazing opportunity for people to come and see a collection of tiffany normally only seen in a museum show. they'd have to stand in line and pay admission. >> wow. >> many expected to bring $250,000 and $300,000. >> i'd love to see that. that is neat. >> be

sotheby's says lobe won't add anything to the company.attacking lope, saying companies in which he served on the board have underperformed, specifically pointing out yahoo!. >>> laquinta priced its ipo at $17 a share, below the expected range of $18 to $21. the offering values the firm at $2.1 billion. laquinta was taken private by blackstone several years ago, the third hotel chain the private equity firm is bringing back to market following extended stay and hilton. laquinta operates over 800 hotels and it will trade on the nyse under the ticker lq. >>> the greek finance ministry confirmed it is gearing up to test the markets. it says a gradual return of n medium term loans is being brought forth methodically and carefully. >>> and still to come, it's another bump in the road for toyota. it's recalling now 6.5 million cars. what's behind this one? we'll get the details, after this. >>> plus, find out why it was the pits for the cme yesterday. as brokers had to abandon their computer screens for the chaos of old-fashioned floor trading.

. >> searchers are looking for a missing sotheby woman and discovered a body near the where she vanishedshe was last seen march 30th 30th parking already car on mt. tam. cornell is live. >> that woman's body was discovered a mile northeast from the ranger station where we are continue on top of mt. tam. the coroner working to identify her, but officials fear it could be the missing person they've been looking for, for almost two weeks. >> two of cadaver dogs involved in the search efforts alerted to the presence of a possible deceased body. >> the sheriffs lieutenant doug pittman says the grim discovery of a woman's body was found on the northeast slope of mt. tam near a drainage ditch. >> unusual for people to travel these areas which would explain why she had not been located. >> officials fear the body could be the missing hiker of menlo park, who was last seen march 30th in the parking lot on mt. tam. the search for her resumed today after a tip from a hiker who said he may have seen the woman the day she went messing. officials say today's discovery does not appear suspicious. >> ri

previously russians were the biggest foreign buyers -- but sotheby's reports the recent political tensions between the u.s. and russia have slowed that behavior. a new study finds the pay gap is much smaller between men and women in the tech sector harvard university reports women in tech make anywhere from 89% to 99% of what men make. in finance , a woman on average makes 66% of a man's salary, and in medicine... 71%. the study finds flexibility within the tech field helps eliminate the pay disparity. however--- only 23% of computer programmers are women. hadi partovi of code dot org says it's an astonishing minority given the quality of the jobs. "there's roughly three times as many jobs as there are graduates in this field every single year. and these are literally the best paying jobs in the country. so filling those jobs is helpful whoever fills them. but i especially hope we get a lot more women filling those jobs to reduce that gender gap." code dot org is a non profit working to add computer science classes to the mainstream curriculum in schools across the country. china is enforc

some wintry precipitation below say that that is going to be the case as the system mousse with a sotheby's bring some rain to parts of a warsaw and nana and maybe even some snow showers are possible to get into germany for next couple of days when wrap things up in america is beautiful conditions back with the west but a system and central plains is pushing twenty east and developing as they can choose to progressed with the east to the thunderstorms are possible for louisiana mississippi alabama with possibly large hail strong winds and twenty is already singing history of this on sunday that would push eastward as they progress is the next couple of days. he looks like that the dry weather back with the west will continue to remain in place while snow and wet precipitation pushes twenty piece into tuesday captured appointed anywhere from twenty five a d c to twenty los angeles twenty in seattle opm a good day where you walk your shares to the forecast. ay ay ay ay ay ay ay ay ay. i am on spring festival in central japan kicked off on monday with its traditional float parade the three hun

two days later he returned to us and i relieve the suffering of the past sotheby's. i think that sometimes are now finally beginning to heal. i will always be there as long as i linked to below must be high when the shooting. more than three thousand people from the middle region is still a fish and amazing. i do the bodies of the mass grave until mistake i made out to an anonymous condo in the middle of an industrial setting. some thirty keen to be on the bench. a team of scientists equipped with the band minimum one to identify the victims the around the start. i got to know. detroit. so why is dry. on the back tire with the three thousand dollars hike. again it's been a tough winter. we are putting a real good solid tone on the shield extracted from this case the field. drawing on smores president of the moment armaan you know mom will love what these is tiny and new norm and then you have the heads. stuart huge high level excavated he says in body bags a link here and we couldn't cope with the folks in washington. as the man delivering some guys we're washing up

. ♪ >> as sotheby's is gearing up for the auction of perhaps a 45 million dollars stradivarius, my nextre busy orchestrating a stradivarius deal of their own. the leo group recently purchased a rare multimillion dollar stradivarius using the bitcoin currency. i am joined by matt allen, the senior managing director of leo group. us is shawnning carpenter, the chief executive of carpenter violins. thank you for being here. i want to see if we can do this. it's a story with a lot of pieces but i wonder if you can start us off here. you are an alternative asset manager looking for something that is not correlated to stock market returns. you ended up being connected to musical instruments? >> it is a complicated transaction. for is ane looking investment that is not correlated with stock purchasing. assete trying to find an with finite appeal. we are big investors in gold. this has the same sort of finite appeal. it is a rare instrument. a supply and demand in balance and all the qualities we are looking for in an investment. >> you identify a particular asset. in this case, a rare stradiva

sotheby's. tobias levkovich with us from citigroup. smart single best chart. -- scarlet fu has a smart single best chart. prepared by goldman sachs global research and we highlighted three of the 10 sectors in the s&p 500, industry weightings. energy is at the bottom, tech at the middle and financial at the top. at one point or another in the int years each was biggest terms of weightings. energy in the late 70's, market cap in the s&p 500 peaked in 26%, in the late 90's, technology stocks, 32%, and financials just before the financial crisis, their group weighting peaked at 22%. interesting to see the changes over time, but reflecting industry fundamentals and the shifting composition. stocks,s -- financial of all the different sectors, are financials what moves year to year? what's not as much. -- >> not as much. tech is 17 or 18. you have to look at the earnings contributions as well. about want to think valuations and bubbles, you have to look at five times book value, 30 or 40 times earnings. if you look at historically, it is not

since sotheby's moved, hong kong grew to be the third largest international center. christie's says it sales in hong kong account for a third of global business. and that rises year on year by 30%. >> thanks to the healthy development of the economy in asia. strong growth, and we see money coming in from south-east asia. much of the growth has come from mainland china. >> new buyers are competitive. they bring it on to the auction floor. i want habit. >> since the 1990s, they have redefined the marketplace. >> there are a lot of questions - are they buying for investment, for museums. it's a question that is difficult to answer. >> mainland's china's market has its pitfall. numerous works not paid for means they have to look for auctions. with art basil coming to the country in may, its art credentials are well establisheded. >> rowan cash is a singer song writer, a storyteller and is captivating fans with what some say is her finestal bum and she says new york is her -- finnest album, and she says new york is here hem. >> i lived in new york for 23 years. >> everyon

at sotheby's. >> it's now worth? two and a half million? >> well, a similar painting of that series by he today would go for a couple of million. i sold mine in 1995. his appreciated. a passion flower is one of his rarest series of paintings, so they are highly sought after by collectors. >> clearly you have an incredible talent. >> thank you. >> when you look at the paintings, you didn't copy them exactly, they are your interpretation. >> exactly. you have to learn to think like the artist and create a new compost suggests within the framework of the artist creative powers and so it takes a lot of research and a lot of study. some time i make an exact copy, like the stanford gifford that you see there. it's a close copy. generally speaking, i invent a new, what you might call an original painting by a noted artist in his style, but it's a new composition or creation. >> so you didn't get caught. i'm not going to plain this. i'm going to let people read your book. tell us the name of your book. >> it's "the secret life of an american art fo

speaking of sotheby's you know who else is making money?r owner of this fifteenth century chicken cup from china. just three inches wide. wait for it, $36 million. and features a rooster alongside. $36 million. elon musk is not going to be happy with this one, to as low finding itself in the cross hairs claiming the electric wonder, is nothing more than a lemon. a disgruntled model-s owner is demanding a refund the implications go way beyond that. the first true test of tesla at direct sales, attorney vince magnus filed this lawsuit, and how do you find a lemon. >> lemon is defined in each state differently, but your car has been in for the same problem for more times unqualified under state lemon laws or if it has been out of service for 30 days it will qualify for a lemon. that is usually within one year of purchase. melissa: in this case in particular what happened with this tesla? how do you know -- does it have to be more than this one? >> there are more tests. i received one call a day since the first video aired on tesla, one from se

making some serious money, the hedge fund mons 7 million shares of sotheby's said they made $13 millionday i would take that. not bad at all. also looking to make some money, airmass is moved on from there flush some dogs and builds to come up with a baseball glove. the fashion house says it is meant to be used and the top weather came from -- going to bring performance to completely new levels. no comment. losing money for quite a while now. the latest home journal shutting down the regular publication after 130 years. they still get some of it on line. an end of an era. earnings, facebook can't escape the lingering question of user engagement. we discussed it on the opening bell. >> this quarter, 1.28 billion users and 63% coming back. that really has surprised us and has been a strong signal that as more people get on facebook, as people post more, as we get better at showing very relevant posts to consumers people use facebook more. melissa: they are trying to make those posts as relevant as possible. doing their part to clean up unlink posts on your time line. :users on which updat

we talked about it, last year at christie's and is sotheby's. art is holding up. was at christie's. i saw a fabulous painting. i will show you the photo later but there is this idea people want to own hard assets of the that is part of a balanced portfolio albeit that is more of a minority. there is still something to be said, especially as people mistrust the dollar say a little bit more. you want to have the things that you know. gerri: just not the dollar, my friend. >> hold on to its value, paintings are one of them. gerri: not just the dollar. people are mistruthful of the stock market these days. >> sure. gerri: they want different places and differ pockets to put their money in. when you look at pros or harvard or big endowments they're using alternative assets. >> they do and have been for years. so the differences is now more of these produ available to individual investors who have perhaps a lot less money to put in and also don't want to leave money aside for years and years. that is the advantage of the institutions, as you said, the endowments like ha

concierge auctions along with sotheby's is going to auction off the bahamas sprawling innocence island has a private air strip. david: bidding starts, 10 million dollars, which actually, cheryl casone is not as much as i thought it was going to be. >> it's going to go up a lot higher. that's the entry level to get into the auction, both of you pooled 5 million each, you could do it. this is innocence town, the largest private residence island in the bahamas. it's beautiful down there. they filmed "pirates of the caribbean" off the shores. a 10 million dollar reserve for the bid. six bed, six bath. 5,000 square feet. 681 acres on the island. here's the selling point, it has an air strip. you can get your jet on there, a small jet, not a large jet, but a small one. johnny depp was interested in buying the island, it wasn't up for sale. here's why the seller is so motivated. he's got a rare form of cancer and wants to sell the island before he passes away. also owning property in the bahamas, the listing agent told us there is no income tax, no cap gains, no inheritance tax, every ammenit

so when i saw this at sotheby's, i knew i needed to write the book because we aren't telling the fulled to get through these moments. >> seth: it's great. it is such a good book. for anyone i feel like who's trying to be creative or trying to be the best in their field, it is a good book to read to teach you how failure is these teachable moments and it's really important to sort of embrace them. i highly recommend it to everyone. the book is called "the rise, creativity, the gift of failure and the search for mastery" in stores now. sarah lewis everyone, thank you so much for being here. [ cheers and applause ] that's our show, everybody. my thanks to kenan thompson, johnny weir and tara lipinski. [ cheers and applause ] and of course the 8g band. stay tuned for "carson daly." we'll see you next week. [ cheers and applause ] ♪ ♪ >> carson: hey, what's up. we're at evr in new york, and you are watching "last call." i'm carson daly. thanks for being here. tonight, we've got jake bugg from live nation's wiltern. plus, we "spotlight" the new memoir, "a sliver of life: three americans imp

we have not heard back from sotheby's yet.been pretty n, he is not asked the ceo to step down. >> and love the way it is phrased. versus jessica the blitz. >> what is he saying is that this is a tremendous premier rants. there is great value that can be unlocked. with this management you cannot. these are aggressive words. >> this is part of the new activist mo. do this on icahn ebay. whether it is working or not. he was not able to do this a lot. we will see if yes more success. will come outf with recommendations in the next couple of days. maybe dan loeb is coming out with these data points will affect you. >> tomorrow tune in. we are having a showdown of the supreme court. it is the broadcast network versus aereo. we will be talking to the former cochairman of the wb network. i forgot what time it is. julie hyman has more. >> thanks so much. it is time for treasuries. they are rising after a deadly crash in ukraine. turning me with a look at what the out jim's market is telling , he is the derivative strategist at the hold

we will look at sotheby's, stephanie. theby's is actually up today.t from iss basically backing maybe it makes sense, this argument that dan loeb is making, he put his name up along with harry wilson to join the board. iss seems to be saying that makes sense. the largesth is proxy adviser to institutional investors, telling mutual funds and others how to vote their shares, so it is an important voice command the debate is pretty much endorsing a good part of dan loeb's argument. >> they are also saying take a look at what their numbers look like. maybe they do not make a lot of sense. " isll right, "market makers coming back to in a couple of minutes. up ahead, a lifetime of disruptive innovation. that is what priceline founder jaywalker is being honored for, and he will be with us to talk about it when we return. ♪ . . >> live from bloomberg world headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> general motors keeps on trucking. earnings beat estimates at higher truck prices make up for the cost of all of

. >> a lot of discussion of the sotheby's fight going on with dan lobe.major shareholder services recommending that sotheby's go with dan loeb's choice for a board member. >> is that where you hang out on the weekend? >> southeby's? oh, yeah, sure. i just walk around -- >> with a paddle in your hand? >> sara, great to see you. have a great weekend. >> great to see you, too. >> coming up, he's one of the top music producers, actor, author and musician, rza coming up. keep it there. [ female announcer ] every box of general mills big g cereals can help your kids' school get extra stuff. they're the only cereals with box tops for education. you can raise money for your kids' school. look for this logo. only on big g cereals. you can make a difference. every cereal box counts. humans. we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back, offering exclusive products like optional better car replacement, where if your car is totaled, we give you the money to buy one a model year newer. call... an

make maguire -- >> he is really involved with sotheby's.e time.t 100% there are going to be losers, but generally they are around and they are still around because they win more than they lose. trackake carl icahn's record. >> it is pretty impressive. >> over many decades. karl was doing it when you had to put big ads in the "wall street journal" to get attention. right now he is on twitter. >> thank you both, ken squire, founder and principal of 13d, and bloomberg contributing editor the one and only bill cohan. >> and rising demand and not a lot of inventory. are buying investors up, yes, trailer parks. ♪ >> you are watching "market makers." i am erik schatzker with stephanie ruhle. who would've thought that leaving a high-paying job on wall street and investing of all things and trailer parts would be a good idea? demand for trailer parks has never been higher thanks in part to the unfortunate reality of the great recession, pushing many americans out of the middle class, and supply is stagnant. lumbar magazine profiled -- a bloomberg ma

. ♪ >> other headlines we are tracking, sotheby's is fighting back against activist investor dan lowetake you through activist math and show you why this is the golden era of that kind of strategy. the mid price hotel chain started trading today higher,

stay away from biotechs specifically, some lower tech stocks that are okay, dow chemical, pepsi, sotheby'sd by shareholder activists, particularly on the hedge fund sides. those names will power up over the section six months. >> an activist play to some extent. >> the fundamentals, abilityvism, cash on the balance sheet, and do i think the economy is getting better, and you're seeing a rotation away from people who have traded this market based on liquidity, and now you'll see people really be stock selective. >> this is a little scary to me that very few people on our air or elsewhere are talking about value in the carnage right now, and that just tells me at least in biotech, tech and the high fliers hand momentum side we could still go down a lot more. >> so much of the discussion is about positions, people potentially getting wiped out in the hedge fund space and that sort of thing. how would you describe the last couple of weeks relative to the last 10, 15 years, how serious is it? >> i think it's been painful, but i don't think it's super serious. a lot of people have been hedged be

christie's and sotheby's established and still have full-time employees who look for any suspect art, and i would say in any given year a dozen are returned and won't be sold. but here's what happened, and it's a shame. that momentum was lost. the leadership that the u.s. showed really began to dissipate, and the museums over time started to assert technical defenses when claims were made like, for example, the statute of limitations has run. they even preemptively filed injunction suits to prevent claims before they were made. now, they said they did it after researching it themselves and determining it wasn't looted, but there was no objective measure of that. and then they ended up, ironically having started this whole process, falling behind and finding that the dutch, the german, the austrians, the british established their own commissions, and they were functioning better than we. the austrians ip corporated the -- incorporated the washington principles into their law, returned 250 paintings. now, for sure, those commissions are much criticized, but at least they exist. we don't

or sotheby's is looking for somebody. i'd love to get him here at yale. i don't think that's in his future. >> i have a hard time thinking he's done. >> he's a very young 68. i'd like to look like him when i'm 38. >> what do you mean a young 68? 68 is young already. >> you could teld me he's 58 and i would believe it. >> exactly. he's not that much older than hillary clinton, a little older than joe biden. >> thank you for calling in. great talking to you. >> they did. they split with him just a couple months ago. they probably knew. when you saw that, you should have known fields was rising. >>> more reaction to the deals of the day from big pharma, glaxo smithkline ceo sir andrew witty coming up and then eli lilly ceo john lechleiter will be with us to talk about his part of this mega deal at 7:15 eastern. and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like

he hosted an auction at sotheby's tuesday raising nearly $2 million for his elephant charity.rating at new york's fashionable rose bar he went out for a cigarette at 3:00 a.m., slipped, and sustained a fatal head injury. he died at manhattan's bellevue hospital. william and kate in us an trail said they were saddened by the news. he was fiercely protective of his sister camilla and never spoke of her relationship with prince charles. >> he was deeply loyal to her. she always went to him with her problems. i think what really helped was that prince charles also valued his opinions. >> reporter: in a statement they said the duchess and prince of wales and all her family members are utterly devastated by the sudden and tragic loss. he was a tireless campaigner and conservationist. this morning the photographer bruce weber described him as an amazing guy. he was like the premier rebel bad boy of england, he said, who just happened to love elephants and beautiful women. and everyone in turn loved him. he was something of a playboy and a gossip but he never gossiped about his sister