In a whopping $3.7 billion sale approved by shareholders of the auction house Sotheby’s, billionaire telecoms exec and collector of fine art Patrick Drahi is set to acquire the auction house after getting 91% of the approval from share holders. The sale was completed at a special meeting in New York, and of course this is subject to the legal dotting of the I’s and crossing of the T’s that get done in transactions of this nature. The sale should complete in the fourth quarter of this year.
Outstanding auctions this year are to be held in Hong Kong in addition to having contemporary art sales that will take place in the recently renovated Bond Street space in London.
It was reported on FT.com, and apparently there was some pushback reported from UK-based fund manager RWC Partners, which is one of the largest shareholders of Sotheby’s, with a stake of 2.5 percent of the company under it’s ownership. The agreed upon price per share is $57.
I’m just going to go on record and say that I hope to one day witness a Sotheby’s auction. Just to sit in the room with that much wealth has to be an amazing feeling. One day, hopefully my art blogging efforts will afford me that opportunity.