For the past 31 years, Sotheby’s has held the crown as the “oldest company on the New York Stock Exchange.”
On June 17, 2019, the moniker no longer applies to the 275-year-old auction house, as the company has transferred ownership to French telecom mogul Patrick Drahi, thus going back to private ownership.
According to a press release, Tad Smith, Sotheby’s CEO, stated that “Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family.”
Drahi, a lifelong client of the auction house and an avid art collector, is bringing his nearly 20 years of experience at the helm of the major telecommunications company, Altice, to the historic company.
The transaction totaled $3.7 billion, including stock payout, marking the most expensive sales in the auction house’s history: itself.
Learn more about the recent sale by continuing to read here. For more information on Sotheby’s International Realty’s relationship with the auction house, click here.
