Billionaire activist investor Daniel Loeb has sued Sotheby's in an attempt to gain more shares and board representation in the publicly-traded auction house. Loeb's hedge fund, Third Point, is the largest shareholder in Sotheby's with a 9.62% stake. A Delaware court was asked on Tuesday to overrule a poison pill provision that prevents Third Point from gaining more seats on Sotheby's board and buying more shares.

Last year, Loeb began a public attack on Sotheby's calling for an overhaul of management policies, changes in compensation for the higher-ups, and better strategies to keep the company competitive.

Sotheby's board put up barrieres in October preventing shareholders from gaining more than a 10% stake in the company. Loeb is arguing that he does not want to take control of the company, but wants more seats on the board and a larger shareholder stake in order to influence what he sees as flawed policies.

In his suit, Loeb says that Sotheby's is “desperate to maintain the status quo, keep all of their board seats, and the prestige and lucrative compensation package that accompany them."

Sotheby's Chairman, president, and CEO Bill Ruprecht, who Loeb has asked to step down, made $6 million last year. Loeb earned $700 million, according to Forbes.