Hedge fund manager Alexander Klabin to invest in auction house Sotheby’s

(Reuters) – Hedge fund manager Alexander Klabin will invest in international art auction house Sotheby’s and become the executive chairman of its art financing business, the company said on Wednesday.

A logo is pictured on Sotheby's before the resuming of live jewellery auctions in Geneva

A logo is pictured on Sotheby’s before the resuming of live jewellery auctions in Geneva

The company did not disclose terms of the Klabin’s investment but said he will lead a management team to help Sotheby’s modernize its underwriting process and improve its access to capital markets.


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Klabin is the founder of hedge fund Senator Investment Group, which he left in February. He will launch his newly-formed company named Ancient in early 2021.

Sotheby’s Financial Services offers financing against art collections of all types, including those of the late Duchess of Windsor, the personal collection of artist Andy Warhol and Edvard Munch’s painting “The Scream”.

The 275-year-old auction house was the oldest company listed on the New York Stock Exchange before it was taken private https://reut.rs/301OBWc in 2019 by Franco-Israeli cable magnate Patrick Drahi in a $3.7-billion deal.

(Reporting by Madhvi Pokhriyal in Bengaluru and Krystal Hu in New York; Editing by Arun Koyyur)

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Alexander Povetkin and Dillian Whyte top the bill at the other Garden

If ever a sport was attuned to weird times, it is boxing. And, in Eddie Hearn’s back garden on Saturday night, Dillian Whyte and Alexander Povetkin, two of the game’s miscreants, will do their best to bring legitimacy to the heavyweight division.

The prize is the WBC’s diamond belt, supposedly a guarantee of a shot at the real thing. Neither will be holding their breath, given the maddening inconsistency of that organisation. But there is no moral high ground in the hills of Brentwood, either.

Povetkin has twice tested positive for banned substances: for the Russian speciality, meldonium, in 2016, when he was about to challenge Deontay Wilder for the title in Moscow; and only a few months later, when he failed another drug test and was banished indefinitely – only to be welcomed back the following year.

For ever in boxing is a negotiable commodity.

Related: Dillian Whyte: ‘I was shot and stabbed. These things happen’

So, a former world champion and Olympic gold medallist – who might expect to work only two or three times a year as a pro, anyway – was barely inconvenienced for cheating. Soon enough, he was back in the top 10, which allowed him to challenge Anthony Joshua in 2018, leaving the argument horizontally.

This is all farcical and wrong, of course. But this is boxing.

As for his opponent, Whyte brings a familiar tale of struggle, poverty, neglect and misdemeanours to the promotion: collecting pop bottles to feed himself as a child in Jamaica, a father at 14, knifed in street fights around south London – and was also knocked out by Joshua.

Whyte, too, has failed two drug tests, although the only one that stuck was the first one, in 2012 when he was thrown out of the sport for two years for using an over-the-counter product he says he did not realise was on the banned list. Officials told him he was naive. When he returned a positive sample again in 2019, Ukad withdrew its case after a prolonged and messy inquiry.

Naive, he might have been, but Whyte is street savvy now at 32, normally a heavyweight’s peak, and wary of promises. Denied his shot at Wilder, he has been at the head of the queue to challenge Tyson Fury for an agonisingly long time, considered surplus to money-making requirements while Joshua and others jostled for supremacy.

Yet Whyte is as dangerous as any of them. He admits he has had to work hard to develop his boxing skills, but he is immensely strong, fearless and owner of maybe the best left hook in the division, as Dereck Chisora discovered to his cost in 2018. Whyte is a minor version of Sonny Liston, another great left-hander that nobody wanted until the time arrived when he could no longer be ignored. That time is not far away for Whyte.

Povetkin, none the less, has pedigree. He won gold twice at the European championships at the start of the millennium, was

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