fbpx
tag Sign Up for our Newsletter
Site Logo
Don’t miss out on the art world’s most entertaining newsletter - every Friday. And career news every Tuesday.
Become a members
Sotheby’s Sold To French Billionaire
Auction house goes under the hammer for $3.7 billion
News 18 Jun 2019

20190618_PatrickDrahi_theartgorgeous
News broke today that New York-based mega auction house Sotheby’s will be taken over by billionaire art collector Patrick Drahi. The deal means that the auction house – which has spent three decades on the stock exchange – will now return to private ownership.
20190618_Sotheby's1_theartgorgeous
Drahi’s offer valued the auction house at 60% more than its closing share price on Wall Street last Friday 14th June, meaning each investor will receive $57 per share. While the deal still needs to be approved by shareholders, it is expected to go through by the end of this year.
20190618_Sotheby's2_theartgorgeous
Sotheby’s sale to French-Israeli businessman Drahi means that like its arch-rival Christie’s (which is owned by Groupe Artemis, the holding group of Francois-Henri Pinault), it will also be under the ownership of a French billionaire.
 
Words by Lizzy Vartanian
Images via @knichols_contemporary, @aafinox, @balanelcher

You May Also Like

Weekly Wrap-Up
Weekly Wrap-Up
Strategies for Boosting Confidence in Your Creative Career
Strategies for Boosting Confidence in Your Creative Career
Navigating Art Galleries - How to Get Your Work Exhibited
Navigating Art Galleries - How to Get Your Work Exhibited
Where Did the Humour Go? Why the gallery is such a stern place
Where Did the Humour Go? Why the gallery is such a stern place
Paws Party: Meet Selena Cerami And Her Kitty Salem
Paws Party: Meet Selena Cerami And Her Kitty Salem
How To Self-Boost Your Career While The Art World Is Changing
How To Self-Boost Your Career While The Art World Is Changing

LATEST JOBS

Workplace Operations Specialist
NETFLIX - Los Angeles, California, USA
Freelance Videographer (remote from France)
Canva - Paris, France
Department Coordinator - Fine & Decorative Arts
Heritage Auctions - Dallas, TX, USA
Assistant or Associate Curator of Native American Art
Minneapolis Institute of Art (Mia) - State of Minnesota, USA
ALL 57 JOBS