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Sotheby’s Auction House Bought by French Billionaire for $3.7B


Sotheby’s Auction House Bought by French Billionaire for $3.7B

Sotheby's is being bought by telecoms billionaire Patrick Drahi in a deal valuing the auction house at $3.7bn.

The company, which has been on the New York stock market for 31 years, will return to private ownership after a troubled period.

French entrepreneur and art collector Mr Drahi, founder of telecoms group Altice, is buying Sotheby's amid signs that the art market is booming again.

Sotheby's arch rival Christie's is also French-owned via the Pinault family.

The price being paid is a 61% premium to Sotheby's closing share price on Friday.

Among some of the famous items sold by Sotheby's, which was founded in London in 1744, are art collections of the late Duchess of Windsor, the personal collection of artist Andy Warhol, and Edvard Munch's "The Scream" in 2012.

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