Sotheby's auction house is being privately owned by the collector controlled by collector Patrick Drohi. - HailNewsUp.com: provides the latest news from India and the world

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Monday, June 17, 2019

Sotheby's auction house is being privately owned by the collector controlled by collector Patrick Drohi.

Sotheby's auction house is being privately owned by the collector controlled by collector Patrick Drohi.

Sotheby's auction house announced on Monday that it has signed an acquisition agreement with Bidfair USA, a wholly-owned company of French media entrepreneur and art collector Patrick Drohi.

Sotheby's stakeholders will receive $ 57 per share in cash as a result of the transition, on Friday 61% premium on the company's share price.

If approved by shareholders, the transaction will result in the return of Sotheby's in private property as a public company listed on the New York Stock Exchange after 31 years.

In the first operation, the shares were recovered around 57%.

Sotheby's CEO Tad Smith said in a press release: "Patrick Drohi is one of the most thoughtful entrepreneurs in the world, I want to welcome everyone from Sotheby's family." "With this acquisition, Sotheby's will have the opportunity to accelerate the successful program of development initiatives in a more flexible private environment in recent years."

In the first half of 2018, Sotheby's stayed in second place in the art world, with a turnover of more than $ 2 billion. David Faber of CNBC said for the first time that citing the people familiar with this topic would be sold to Sotheby's.