Sotheby’s announces a definitive agreement to be acquired by Patrick Drahi

Yesterday, Sotheby’s, the auction house, announced a definitive agreement to be acquired by Patrick Drahi, the French entrepreneur and art collector. In a transaction valued at $3.7 billion, the acquisition would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange. This is very positive news for Sotheby’s.

As Sotheby’s and Sotheby’s International Realty are under separate ownership, Sotheby’s International Realty is not impacted by this transaction. Sotheby’s Holdings, the owner of the auction house, sold its real estate brokerage firm and the brand’s licensing rights to what is now Realogy in 2004. Sotheby’s International Realty Affiliates LLC remains a wholly owned subsidiary of Realogy Holdings Corp.

Sotheby’s International Realty enjoys an extraordinary partnership with the auction house – including client referrals, worldwide event sponsorships, a realty desk in Sotheby’s global headquarters and advertising opportunities in Sotheby’s print and electronic communications. We do not expect any changes to these programs, and look forward to collaborating with Sotheby’s management moving forward under their new ownership.

The full official statement can be read HERE.

Resource: Sotheby’s announces a definitive agreement to be acquired by Patrick Drahi