Through Art Market & You, Art From Us provides you Analysis, Opinion and Factual Reports regarding the current on-goings of the Global Art Market. In this article, we explore Sotheby’s being bought by Patrick Drahi.
Sotheby’s & Patrick Drahi
One of the biggest names in the world of auctions, and one of the oldest companies listed on the New York Stock Exchange – sotheby’s has recently been bought over by French Media tycoon, Patrick Drahi. Drahi is announced plans to make the company private, after over 3 decades of it being listed as a public company.
The $3.7 billion acquisition has been made by Drahi through his company BidFair USA. Shareholders of Sotheby’s are set to receive $57 per share, a 61% premium on the closing price of the on 14th June 2019. Following the announcement of this acquisition, shares of the 275 year old auction house shot up to around $55.
In a statement, Drahi confirmed that there will be no major foreseeable changes made to the company’s management, policies or strategy, stating, “Sotheby’s is one of the most elegant and aspirational brands in the world… As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family.”
In the last financial year, Sotheby’s reported total revenue of over $1 billion, and an adjust profit of about $130 million.
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