Jun 18, 2019

By Andy Johnson

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One of the biggest and best known auction houses in the world, Sotheby’s, is changing hands in a deal worth $3.7 billion.

55 year old French-Israeli billionaire art collector Patrick Drahi is buying the 275-year-old auction house and its 10 showrooms world wide.

Sotheby’s was founded in London in 1744. It 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.

It has annual sales turnover in excess of $4 billion and last year reported an adjusted profit of close to $130 million on revenues of more than $1 billion.

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