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Sotheby's sold!

Пост обновлен 18 июля 2019 г.

The auction house Sotheby's, which was known for two centuries of history, is being sold to a French Israeli businessman for about $3.7 billion. Drahi, 54, is the founder and controlling shareholder of "Altice", which provides telecommunications services in France and elsewhere. The French billionaire has expanded his telecom and media operations internationally, with businesses in Portugal, Israel, the U.S. and Dominican Republic. Furthermore, P. Drahi had been a longtime client and lifetime admirer of the company. His investment was around $57 per share, a 61% premium to the Sotheby's.

Sotheby's was founded in London in 1744, is the oldest company traded on the New York Stock Exchange. It would become a privately held company for the first time in more than three decades.


Sotheby's auction in London. The photo was used from Instagram @sothebys

According to estimates for 2018, Sotheby and Christie's auction house owned more than 80% of the art market masterpieces, which prices over $1 million. Despite the rise in the art market, Sotheby's shares still fell - over the last year the company fell by 40%. Shares of Sotheby's jumped $20.74, or 58.6%, to close Monday at $56.13. Last year, the company earned $ 6.4 billion in sales; the profit of the auction house was $ 108.6 million, but it on the 8.6% less than a year earlier. In the first quarter of 2019, the company reported a loss of $ 7.1 million.

Patrick Drahi tells that Sotheby's is one of the most elegant and aspirational brands in the world. Switch auction house into a private company is an opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. Also experts from "The Wall Street Journal" thoughts that the company will focus on the Internet and web-sales spheres more than before.

"Mary Magdalene" by Gerrit Dou on auction in Sotheby's. The photo was used from Instagram @sothebys

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