Sotheby’s is to be bought by French-Israeli billionaire and telecoms entrepreneur Patrick Drahi for $3.7bn (£3bn).
The 275-year-old auction house announced on Monday that it has signed an agreement with Mr Drahi who will take Sotheby’s private after more than three decades’ trading on the New York Stock Exchange.
Mr Drahi’s BidFair USA company will pay Sotheby’s shareholders a 61 per cent premium on Friday’s closing price.
“After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success,” said board chairman Domenico De Sole.
Sotheby’s rival Christie’s is also under French ownership after it was bought in 1998 by Artemis, the investment company of luxury goods tycoon Francois-Henri Pinault.
1/50 17 June 2019
Worcestershire County Cricket Club’s New Road ground fully submerged by floodwater following heavy rainfall in the area. Worcestershire switched next week’s County Championship home game with Sussex to Kidderminster due to the threat of flooding at the ground
PA
2/50 16 June 2019
Dominic Raab (left) and Rory Stewart during the live television debate on Channel 4 for the candidates for leadership of the Conservative party, at the Here East studios in Stratford, east London
PA
3/50 15 June 2019
Great Britain celebrate their first place on the podium during the Accenture World Triathlon Mixed Relay at Nottingham Embankment
PA
4/50 14 June 2019
Mayor of London Sadiq Khan speaks at a service of remembrance at St Helens church, London, to mark the two-year anniversary of the Grenfell Tower block fire
PA
5/50 13 June 2019
Community member Desi Cranenburgh attaches her latest homemade tribute near to the site of Grenfell Tower in London, a day before the second anniversary of the fire which killed 72 people
Getty
6/50 12 June 2019
Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London
PA
7/50 11 June 2019
Strip club dancer Celia Lister protests with other demonstrators to oppose moves to close a branch of Spearmint Rhino in Sheffield. Dancers marched through the city centre after a row developed over whether to renew Spearmint Rhino’s licence for the premises. The debate deepened after reports a video had been filmed by private investigators of sex acts taking place in the club
PA
8/50 10 June 2019
A peregrine falcon chick calls out during ringing and data collection by RSPB expert handlers in the tower at Salisbury Cathedral. Four newly hatched birds of prey are nesting along with mum and dad on the South tower.
PA
9/50 9 June 2019
England’s forward Ellen White celebrates after scoring during the France 2019 Women’s World Cup Group D football match between England and Scotland. White’s goal was England’s second of the match, which they went on to win 2-1
AFP/Getty
10/50 8 June 2019
Jason Roy celebrates his century with Joe Root. He went on to hit 153 as England scored their highest Cricket World Cup total of 386. The hosts beat Bangladesh by 106 runs to bounce back from defeat to Pakistan in their previous match
Action/Reuters
11/50 7 June 2019
Labour Party leader Jeremy Corbyn celebrates with newly elected labour MP Lisa Forbes at Cathedral Square, Peterborough following her victory in the Peterborough by-election. The newly-formed Brexit Party lost out to Labour by 683 votes
PA
12/50 6 June 2019
Veterans observe a two minute silence at the National Memorial Arboretum at Alrewas, in Staffordshire, for a service to mark the 75th anniversary of the D-Day landings
PA
13/50 5 June 2019
French President Emmanuel Macron, British Prime Minister Theresa May, Britain’s Prince Charles, Queen Elizabeth II, President Donald Trump, first lady Melania Trump and Greek President Prokopis Pavlopoulos, front row from left, watch a fly past at the end of an event to mark the 75th anniversary of D-Day in Portsmouth
AP
14/50 4 June 2019
Anti-Donald Trump protesters gather with a Trump baby blimp flying over Parliament Square for a protest against the US president’s state visit to the UK
EPA
15/50 3 June 2019
Queen Elizabeth II views a display of US items of the Royal collection with US President Donald Trump and US First Lady Melania Trump at Buckingham palace
AFP/Getty
16/50 2 June 2019
Liverpool’s players celebrate with the Champions League trophy on board a parade bus after winning the final against Tottenham Hotspur, in Madrid the night before
Getty
17/50 1 June 2019
Fans gather in Madrid ahead of the all-English club Champions League Final between Tottenham and Liverpool
Reuters
18/50 31 May 2019
Racegoers during Ladies Day of the 2019 Investec Derby Festival at Epsom Racecourse, Epsom.
PA
19/50 30 May 2019
Jofra Archer celebrates taking the wicket of South Africa’s Aiden Markram during England’s opening ICC Cricket World Cup match at the Kia Oval in London. The hosts beat South Africa by 104 runs
Action/Reuters
20/50 29 May 2019
The Red Arrows in the Apollo formation while performing a full display at Chalkoutsi, Greece. The aerobatic display team have been granted formal approval on Wednesday to perform for audiences, known as Public Display Authority (PDA), to mark the official start of the Red Arrows’ 55th display season
Cpl Ashley Keates/PA
21/50 28 May 2019
British Environment Secretary Michael Gove returns to his home following a run in London.
EPA
22/50 27 May 2019
Participants throw themselves down Cooper’s Hill for the annual cheese rolling in Brockworth, Gloucestershire
PA
23/50 26 May 2019
Jason Pearce and Chris Solly lift the League One play-off trophy following Charlton’s victory against Sunderland. They will be promoted to the Championship after three years in the third tier
Getty Images
24/50 25 May 2019
Giant kites are flown by expert kite flyers during the English Heritage Kite Festival at Scarborough Castle in North Yorkshire
PA
25/50 24 May 2019
Prime Minister Theresa May reacts as she announces her resignation in London
Reuters
26/50 23 May 2019
A horse stands outside a polling station, set up in a pub, as it’s rider votes in the European Parliament elections, near Tonbridge, south east England. Voting got under way in Britain early on Thursday in elections to the European Parliament – a contest the country had not expected to hold nearly three years after the Brexit referendum
AFP/Getty
27/50 22 May 2019
Larry the cat sits in the street, at Downing Street in London
Reuters
28/50 21 May 2019
Kent make their way to the field to open the fielding on day two of the Specsavers County Championship Division One match between Kent and Surrey in Beckenham, England
Getty
29/50 20 May 2019
Karamoja the 12 day old baby Rothschild’s Giraffe pictured with its mother Orla takes its first steps outside at Chester Zoo
PA
30/50 19 May 2019
AFC Fylde celebrate after they beat Leyton Orient to win the FA Trophy Final at Wembley Stadium
Action/Reuters
31/50 18 May 2019
Great Britain’s Jade Jones celebrates with her gold medal after victory against South Korea’s Lee Ah-Reum in the final of the womens -57kg during day 3 of the World Taekwondo Championships at Manchester Arena
Getty
32/50 17 May 2019
Lulu (left) and Gulliver, two green sea turtles, are reunited after 8 months apart at Sea Life in Brighton
PA
33/50 16 May 2019
Children jump between balls in the new Children’s Garden at Kew Gardens
PA
34/50 15 May 2019
The London Fire Brigade said 10 fire engines and 70 firefighters had to tackle a blaze at a commercial building on the North Circular in Neasden, north London
London Fire Brigade/PA
35/50 14 May 2019
Conservator Restorer Jim Mitchell with part of the bronze statue of William Wallace which is being returned to the National Monument in Stirling after undergoing vital restoration work. After the statue was carefully removed in sections from the tower for the first time since its unveiling in 1887, Wallace travelled down south to Wigan-based firm, Lost Art, to begin the process of restoration. Stirling Council has invested an estimated £260,000 in the project to ensure the structure is back in peak condition ahead of the Wallace MonumentÕs 150th anniversary celebrations in September.
PA
36/50 13 May 2019
The sun rises behind The Shard and the financial district as a cyclist rides through Richmond Park in London, Britain.
Reuters
37/50 12 May 2019
Vincent Kompany lifts the Premier League trophy after Manchester City’s 4-1 victory against Brighton and Hove Albion at the Amex Stadium. Manchester City held off a titanic challenge from Liverpool to become the first side in a decade to retain the Premier League
AFP/Getty
38/50 11 May 2019
Arsenal celebrate winning the Women’s Super League after beating Manchester City at Meadow Park. They secured the title the previous weekend and today’s victory means Arsenal won the league by seven points
Action/Reuters
39/50 10 May 2019
The Flying Scotsman steam train crosses the Forth Bridge on its way from Edinburgh to Inverness
PA
40/50 9 May 2019
Will Smith attending the Aladdin European Premiere held at the Odeon Luxe Leicester Square, London
PA
41/50 8 May 2019
Tributes laid around the Billy McNeill statue at Celtic Park ahead of ex-player Stevie Chalmers’ funeral
PA
42/50 7 May 2019
A Tyrannosaurus animatronic model is wheeled through Chester Zoo after arriving from America. It is one of thirteen enormous animatronic predators which have been created for Chester zoo in Texas, ahead of the opening of a world first exhibition into 200 million years of lost species
PA
43/50 6 May 2019
Norwich City’s Grant Hanley holds the Championship trophy aloft as he celebrates with the crowd during their promotion parade in Norwich City Centre
PA
44/50 5 May 2019
Team Ineos lead the peloton including leader Chris Lawless as they climb a hill in Haworth, during stage four of the Tour de Yorkshire
PA
45/50 4 May 2019
Waves crash over the sea wall at Tynemouth in the north east of England. The UK is expected to be hit with cold showers, frost and strong winds across the bank holiday weekend just weeks after record-high temperatures at Easter.
PA
46/50 3 May 2019
Leader of the Liberal Democrats Vince Cable addresses the media with activists outside Chelmsford City Council Civic Centre. In local election results, the Liberal Democrats – who oppose Brexit, gained 26 seats giving them control of Chelmsford City Council in Essex, a Brexit stronghold. The two main parties, Labour and the Conservatives, lost seats. This is believed to be attributed to frustration at the lack of progress in the continuing Brexit negotiations
Getty
47/50 2 May 2019
Whipsnade Zoo’s new baby giraffe, Khari, with his mother Luna. The reticulated giraffe (Giraffa camelopardalis reticulata) was born to first time mum Luna and dad Bashu at midday on April 26, and his name, Khari, means ‘King-like’ in Swahili, because of his regal-looking ossicones – the tiny crown-like horns on a giraffe’s head. Giraffe calves weigh more than the twenty times the average 7lbs human when they’re born, weighing in at around 150lbs at birth
Whipsnade Zoo/PA
48/50 1 May 2019
Wikileaks co-founder Julian Assange, in a prison van, as he leaves Southwark Crown Court in London. He was sentenced to 50 week in prison for breaching his bail conditions. Assange was found guilty of breaching the Bail Act in April after his arrest after spending seven years in the Ecuadorian Embassy in London
EPA
49/50 30 April 2019
Coco, aged 11, runs through 181 pairs of wellies, as they go on display to represent the average number of people rescued by The Royal National Lifeboat Institution (RNLI) every week in the UK and Ireland at Potters Fields Park in London. There are 4,900 volunteer crew members supporting 238 lifeboat stations. RNLI’s annual Mayday fundraising campaign aims to raise £700,000 to fund lifesaving kit. Following the campaign, the yellow wellies from the installation will be available to purchase, in exchange for a small donation
PA
50/50 29 April 2019
Buster the Golden Retriever, belonging to David Torrance MSP, at this year’s Holyrood Dog of the Year competition, organised jointly by Dogs Trust and the Kennel Club at the Scottish Parliament Gardens in Edinburgh.
PA
1/50 17 June 2019
Worcestershire County Cricket Club’s New Road ground fully submerged by floodwater following heavy rainfall in the area. Worcestershire switched next week’s County Championship home game with Sussex to Kidderminster due to the threat of flooding at the ground
PA
2/50 16 June 2019
Dominic Raab (left) and Rory Stewart during the live television debate on Channel 4 for the candidates for leadership of the Conservative party, at the Here East studios in Stratford, east London
PA
3/50 15 June 2019
Great Britain celebrate their first place on the podium during the Accenture World Triathlon Mixed Relay at Nottingham Embankment
PA
4/50 14 June 2019
Mayor of London Sadiq Khan speaks at a service of remembrance at St Helens church, London, to mark the two-year anniversary of the Grenfell Tower block fire
PA
5/50 13 June 2019
Community member Desi Cranenburgh attaches her latest homemade tribute near to the site of Grenfell Tower in London, a day before the second anniversary of the fire which killed 72 people
Getty
6/50 12 June 2019
Boris Johnson during the launch of his campaign to become leader of the Conservative and Unionist Party and Prime Minister at the Royal Academy of Engineering in central London
PA
7/50 11 June 2019
Strip club dancer Celia Lister protests with other demonstrators to oppose moves to close a branch of Spearmint Rhino in Sheffield. Dancers marched through the city centre after a row developed over whether to renew Spearmint Rhino’s licence for the premises. The debate deepened after reports a video had been filmed by private investigators of sex acts taking place in the club
PA
8/50 10 June 2019
A peregrine falcon chick calls out during ringing and data collection by RSPB expert handlers in the tower at Salisbury Cathedral. Four newly hatched birds of prey are nesting along with mum and dad on the South tower.
PA
9/50 9 June 2019
England’s forward Ellen White celebrates after scoring during the France 2019 Women’s World Cup Group D football match between England and Scotland. White’s goal was England’s second of the match, which they went on to win 2-1
AFP/Getty
10/50 8 June 2019
Jason Roy celebrates his century with Joe Root. He went on to hit 153 as England scored their highest Cricket World Cup total of 386. The hosts beat Bangladesh by 106 runs to bounce back from defeat to Pakistan in their previous match
Action/Reuters
11/50 7 June 2019
Labour Party leader Jeremy Corbyn celebrates with newly elected labour MP Lisa Forbes at Cathedral Square, Peterborough following her victory in the Peterborough by-election. The newly-formed Brexit Party lost out to Labour by 683 votes
PA
12/50 6 June 2019
Veterans observe a two minute silence at the National Memorial Arboretum at Alrewas, in Staffordshire, for a service to mark the 75th anniversary of the D-Day landings
PA
13/50 5 June 2019
French President Emmanuel Macron, British Prime Minister Theresa May, Britain’s Prince Charles, Queen Elizabeth II, President Donald Trump, first lady Melania Trump and Greek President Prokopis Pavlopoulos, front row from left, watch a fly past at the end of an event to mark the 75th anniversary of D-Day in Portsmouth
AP
14/50 4 June 2019
Anti-Donald Trump protesters gather with a Trump baby blimp flying over Parliament Square for a protest against the US president’s state visit to the UK
EPA
15/50 3 June 2019
Queen Elizabeth II views a display of US items of the Royal collection with US President Donald Trump and US First Lady Melania Trump at Buckingham palace
AFP/Getty
16/50 2 June 2019
Liverpool’s players celebrate with the Champions League trophy on board a parade bus after winning the final against Tottenham Hotspur, in Madrid the night before
Getty
17/50 1 June 2019
Fans gather in Madrid ahead of the all-English club Champions League Final between Tottenham and Liverpool
Reuters
18/50 31 May 2019
Racegoers during Ladies Day of the 2019 Investec Derby Festival at Epsom Racecourse, Epsom.
PA
19/50 30 May 2019
Jofra Archer celebrates taking the wicket of South Africa’s Aiden Markram during England’s opening ICC Cricket World Cup match at the Kia Oval in London. The hosts beat South Africa by 104 runs
Action/Reuters
20/50 29 May 2019
The Red Arrows in the Apollo formation while performing a full display at Chalkoutsi, Greece. The aerobatic display team have been granted formal approval on Wednesday to perform for audiences, known as Public Display Authority (PDA), to mark the official start of the Red Arrows’ 55th display season
Cpl Ashley Keates/PA
21/50 28 May 2019
British Environment Secretary Michael Gove returns to his home following a run in London.
EPA
22/50 27 May 2019
Participants throw themselves down Cooper’s Hill for the annual cheese rolling in Brockworth, Gloucestershire
PA
23/50 26 May 2019
Jason Pearce and Chris Solly lift the League One play-off trophy following Charlton’s victory against Sunderland. They will be promoted to the Championship after three years in the third tier
Getty Images
24/50 25 May 2019
Giant kites are flown by expert kite flyers during the English Heritage Kite Festival at Scarborough Castle in North Yorkshire
PA
25/50 24 May 2019
Prime Minister Theresa May reacts as she announces her resignation in London
Reuters
26/50 23 May 2019
A horse stands outside a polling station, set up in a pub, as it’s rider votes in the European Parliament elections, near Tonbridge, south east England. Voting got under way in Britain early on Thursday in elections to the European Parliament – a contest the country had not expected to hold nearly three years after the Brexit referendum
AFP/Getty
27/50 22 May 2019
Larry the cat sits in the street, at Downing Street in London
Reuters
28/50 21 May 2019
Kent make their way to the field to open the fielding on day two of the Specsavers County Championship Division One match between Kent and Surrey in Beckenham, England
Getty
29/50 20 May 2019
Karamoja the 12 day old baby Rothschild’s Giraffe pictured with its mother Orla takes its first steps outside at Chester Zoo
PA
30/50 19 May 2019
AFC Fylde celebrate after they beat Leyton Orient to win the FA Trophy Final at Wembley Stadium
Action/Reuters
31/50 18 May 2019
Great Britain’s Jade Jones celebrates with her gold medal after victory against South Korea’s Lee Ah-Reum in the final of the womens -57kg during day 3 of the World Taekwondo Championships at Manchester Arena
Getty
32/50 17 May 2019
Lulu (left) and Gulliver, two green sea turtles, are reunited after 8 months apart at Sea Life in Brighton
PA
33/50 16 May 2019
Children jump between balls in the new Children’s Garden at Kew Gardens
PA
34/50 15 May 2019
The London Fire Brigade said 10 fire engines and 70 firefighters had to tackle a blaze at a commercial building on the North Circular in Neasden, north London
London Fire Brigade/PA
35/50 14 May 2019
Conservator Restorer Jim Mitchell with part of the bronze statue of William Wallace which is being returned to the National Monument in Stirling after undergoing vital restoration work. After the statue was carefully removed in sections from the tower for the first time since its unveiling in 1887, Wallace travelled down south to Wigan-based firm, Lost Art, to begin the process of restoration. Stirling Council has invested an estimated £260,000 in the project to ensure the structure is back in peak condition ahead of the Wallace MonumentÕs 150th anniversary celebrations in September.
PA
36/50 13 May 2019
The sun rises behind The Shard and the financial district as a cyclist rides through Richmond Park in London, Britain.
Reuters
37/50 12 May 2019
Vincent Kompany lifts the Premier League trophy after Manchester City’s 4-1 victory against Brighton and Hove Albion at the Amex Stadium. Manchester City held off a titanic challenge from Liverpool to become the first side in a decade to retain the Premier League
AFP/Getty
38/50 11 May 2019
Arsenal celebrate winning the Women’s Super League after beating Manchester City at Meadow Park. They secured the title the previous weekend and today’s victory means Arsenal won the league by seven points
Action/Reuters
39/50 10 May 2019
The Flying Scotsman steam train crosses the Forth Bridge on its way from Edinburgh to Inverness
PA
40/50 9 May 2019
Will Smith attending the Aladdin European Premiere held at the Odeon Luxe Leicester Square, London
PA
41/50 8 May 2019
Tributes laid around the Billy McNeill statue at Celtic Park ahead of ex-player Stevie Chalmers’ funeral
PA
42/50 7 May 2019
A Tyrannosaurus animatronic model is wheeled through Chester Zoo after arriving from America. It is one of thirteen enormous animatronic predators which have been created for Chester zoo in Texas, ahead of the opening of a world first exhibition into 200 million years of lost species
PA
43/50 6 May 2019
Norwich City’s Grant Hanley holds the Championship trophy aloft as he celebrates with the crowd during their promotion parade in Norwich City Centre
PA
44/50 5 May 2019
Team Ineos lead the peloton including leader Chris Lawless as they climb a hill in Haworth, during stage four of the Tour de Yorkshire
PA
45/50 4 May 2019
Waves crash over the sea wall at Tynemouth in the north east of England. The UK is expected to be hit with cold showers, frost and strong winds across the bank holiday weekend just weeks after record-high temperatures at Easter.
PA
46/50 3 May 2019
Leader of the Liberal Democrats Vince Cable addresses the media with activists outside Chelmsford City Council Civic Centre. In local election results, the Liberal Democrats – who oppose Brexit, gained 26 seats giving them control of Chelmsford City Council in Essex, a Brexit stronghold. The two main parties, Labour and the Conservatives, lost seats. This is believed to be attributed to frustration at the lack of progress in the continuing Brexit negotiations
Getty
47/50 2 May 2019
Whipsnade Zoo’s new baby giraffe, Khari, with his mother Luna. The reticulated giraffe (Giraffa camelopardalis reticulata) was born to first time mum Luna and dad Bashu at midday on April 26, and his name, Khari, means ‘King-like’ in Swahili, because of his regal-looking ossicones – the tiny crown-like horns on a giraffe’s head. Giraffe calves weigh more than the twenty times the average 7lbs human when they’re born, weighing in at around 150lbs at birth
Whipsnade Zoo/PA
48/50 1 May 2019
Wikileaks co-founder Julian Assange, in a prison van, as he leaves Southwark Crown Court in London. He was sentenced to 50 week in prison for breaching his bail conditions. Assange was found guilty of breaching the Bail Act in April after his arrest after spending seven years in the Ecuadorian Embassy in London
EPA
49/50 30 April 2019
Coco, aged 11, runs through 181 pairs of wellies, as they go on display to represent the average number of people rescued by The Royal National Lifeboat Institution (RNLI) every week in the UK and Ireland at Potters Fields Park in London. There are 4,900 volunteer crew members supporting 238 lifeboat stations. RNLI’s annual Mayday fundraising campaign aims to raise £700,000 to fund lifesaving kit. Following the campaign, the yellow wellies from the installation will be available to purchase, in exchange for a small donation
PA
50/50 29 April 2019
Buster the Golden Retriever, belonging to David Torrance MSP, at this year’s Holyrood Dog of the Year competition, organised jointly by Dogs Trust and the Kennel Club at the Scottish Parliament Gardens in Edinburgh.
PA
Between them, the two London-founded companies dominate the international market for sales of fine art and collectibles.
Mr Drahi, 55, is controlling shareholder of French telecommunications firm Altice, which he founded in 2001 and which has since rapidly expanded through a series of acquisitions of cable and mobile operations.
He said he was “honoured” that Sotheby’s had recommended his offer, which will see shareholders compensated at £45.50 per share.
“Sotheby’s is one of the most elegant and aspirational brands in the world,” Mr Drahi said. “As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family.”
Tad Smith, Sotheby’s chief executive, welcomed Mr Drahi as “one of the most well-regarded entrepreneurs in the world … known for his commitment to innovation and ingenuity”.
Mr Smith added: “This acquisition will provide Sotheby’s with the opportunity to accelerate the successful programme of growth initiatives of the past several years in a more flexible private environment.”
Sotheby’s said it expects the deal to close in the fourth quarter of this year subject to approval by shareholders.
The 61 per cent premium to be paid by Mr Drahi is an indication of the strength of the markets for fine art and collectibles, which was underlined by the November 2017 sale of Leonardo da Vinci’s painting Salvatore Mundi for a world record $450m (£359m).
Global art sales grew 6 per cent in 2018 to $67.4bn (£54bn), according to a report from UBS and art fair organisers Art Basel. Over 80 per cent of works sold at auction for over $1m were sold by Sotheby’s and Christie’s, the report said.
Founded in 1744, Sotheby’s sells a variety of items at its 10 auction houses around the world, including jewellery, watches, wine and fine art.
