Art-loving French tycoon Patrick Drahi buys Sotheby’s in US$3.7 billion deal

The deal sees Sotheby’s return to private ownership after 31 years as a publicly traded company on the New York Stock Exchange

Buyer Patrick Drahi is the president of Altice Europe and an avid art collector, worth about US$9.3 billion according to Forbes

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Patrick Drahi has acquired Sotheby's auction house in a US$3.7 billion deal. Photo: AFP

Published: 9:21am, 18 Jun 2019Updated: 9:25am, 18 Jun 2019

The 275-year-old auction house Sotheby’s is being sold to a French Israeli businessman for about US$3.7 billion.

Sotheby’s, founded in London in 1744, is the oldest company traded on the New York Stock Exchange. If the deal is approved by shareholders and regulators, Sotheby’s would become a privately held company for the first time in more than three decades.

The New York company, which started in London, holds auctions in 10 salesrooms worldwide with annual sales turnover exceeding US$4 billion.

It reported an adjusted profit last year of close to US$130 million and revenue of more than US$1 billion.

“Sotheby’s is one of the most elegant and aspirational brands in the world,” said the buyer Patrick Drahi.

The auction house began life in London in 1744 as a dealer in rare books and did not enter the world of fine arts until the early 20th century, moving to New York in 1965. Photo: EPA