Billionaire art collector and activist investor Dan Loeb might wish he had left the Museum of Contemporary Art in Los Angeles off his résumé.
The Third Point hedge fund founder, locked in a battle with auction house Sotheby’s for control of its board, listed his MOCA board position in a regulatory filing Monday as part of an effort to defuse criticism that he didn’t have enough art world cred to help run the company.
But Loeb’s critics argue the MOCA gig isn’t something to brag about.
In his three-plus years on the board, the museum experienced a sharp drop-off in fundraising and had to cut its budget.
Led by the controversial art dealer Jeffrey Deitch, MOCA also saw its longtime curator, Paul Schimmel, exit in 2012 after clashing with Deitch.
“[Sotheby’s] shareholders ought to take a careful look at the turmoil that occurred while Loeb was on the board,” said one person familiar with the situation.
Loeb joined the board in December of 2010, soon after his pal Deitch, a New York art dealer, became director.
Deitch was brought in by the real estate mogul Eli Broad, who had given the museum a bailout loan of $30 million after the 2008 US financial crisis.
But naming a dealer with what critics called a “Hollywood” sensibility to MOCA was controversial to start with. Deitch’s first exhibition was a show of Dennis Hopper’s works — that further irritated the locals as it was curated out of house by New York star artist Julian Schnabel.
A fixture of the New York art scene, Deitch also promised to help the museum’s finances through his connections with moneyed art collectors.
Loeb was the first one who jumped on board. In 2012, SAC Capital’s Steve Cohen also joined.
Heavy hitters like Loeb and Cohen notwithstanding, fundraising experienced a steep drop during Deitch’s first two years.
In his third year, the budget fell to $14.3 million — the lowest in actual dollars since the late 1990s.
After curator Schimmel left, artists followed.
“I read that Deitch was going to put on a show about discos, and I said, ‘This is it, I’m getting out of here,’ ” John Baldessari, an artist board member, told The Post. Three other artists would follow Baldessari in leaving the board.
Under pressure, Deitch finally left MOCA last summer, two years before his contract was up. His successor is Philippe Vergne of New York’s Dia Art Foundation.
MOCA has since stabilized financially, reaching its endowment goal of $100 million this year. The artists have returned to the board.
Loeb, who has donated millions of dollars to MOCA, is still a trustee.
“It’s true that Jeffrey is his friend, but his commitment has always been to the institution and to work collaboratively with other board members and the Los Angeles art community,” said a source close to Loeb. “He supports the new director.”
Loeb, through a spokesperson, declined to comment.
Whether shareholders take into account MOCA’s turbulent times with Loeb on its board will soon be seen.
Sotheby’s annual meeting is set for May 6.