Sotheby’s has entered into an agreement to be acquired by the art collector and media and telecom entrepreneur, Patrick Drahi after 31 years as a public company. Drahl is the ninth richest man in France.
Sotheby’s ceo Tad Smith said in an announcement: “Our 275-year history has been marked by innovations that have not only changed Sotheby’s, but the wider industry along with it. And just over the past several years we have modernized and expanded both digitally and physically, and it’s clear that we are just getting started. Private ownership at this moment in Sotheby’s development would empower us to accelerate many of those growth initiatives and focus on long-term success. “
Patrick Drahi is a knowledgeable businessman and a passionate collector who understands Sotheby’s and the markets we operate in, Smith added. He shares our brand vision for outstanding client service and has the patience to make that possible. There are no immediate changes to the business.
Patrick Drahl is a French-Israeli businessman with French, Portuguese, and Israeli citizenship. He is founder and controlling member of the Netherlands based telecom group Altice and owns cable TV companies in Israel and the US.
