Sotheby’s (NYSE:BID) has been sold for $3.7 billion to French billionaire Patrick Drahi, it was announced on Tuesday.
The art auction house has been publicly listed on the New York Stock Exchange since 1977.
Mr Drahi made his fortune in telecommunications and media, having found the Altice group. Drahi is also known to be an avid art collector.
the takeover comes at a time when the art investment market is on the up, despite a period of downturn in the midst of the financial crisis.
In a statement, Tad Smith, Sotheby’s CEO, commented on the takeover: “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world
“He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment.”
Sotheby’s is the world’s fourth old art auction house. It brokers fine art, jewellery, real estate and various collectable items.
Its rival, Christie’s, which is also London-based, is likewise owned by a French billionaire, François Pinault, the chairman and CEO of Kering brands.
Shares in the auction house are currently +58.60% as of 12:19PM (GMT).