Sotheby’s has gone under the hammer for $3.7bn, ending 31 years of public ownership, with the venerable auction house sold to Patrick Drahi, the billionaire founder of telecoms group Altice.
The deal concludes frantic negotiations that began with an unsolicited approach from Mr Drahi. The Franco-Israeli entrepreneur collects art and has been looking to raise his profile outside the telecoms industry where he has made his fortune, according to a person who worked on the sale.
His purchase means the world’s two largest auction houses will be owned by French billionaires, with Sotheby’s rival Christie’s bought by the Pinault family’s holding company two decades ago.
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