now, remember, marcato and dan loeb waged -- loeb bot got the three board seats and $10 million in payments. the owner of china's second biggest auction let's head outside, that's tycom recently bought 14% of sotheby's shares, and now they are helping to pick a new board member as well. sources close to sotheby's telling me that marcato buyback was an efficient way to get two million shares at a discount. companies now bought back 24% of their outstanding shares totaling $485 million since the program started. they have a strong cast position. basically to me it signals maybe they'll do more, and this was just a good way to get one slug of shares without doing it in 1,000 or 2,000 shares at a time in the open market. >> beal bring in kate kelly who is live in san francisco. you got a chance to speak with mick today. what's he saying? >> i did, scott. mick says this was entirely an exercise in portfolio resizing. he says that with sotheby's run-up this year, and it is up close 50% year-to-date, and. , hedge funds mark to market every year, so that's a rel varc vanity metric for them. he says