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Sotheby’s to go Private in Late 2019 in Nearly $4B Deal

Domenico De Sole, chairman of Sotheby’s Board of Directors, says that the board of directors approved the purchase deal after a comprehensive review. “After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success," he says.

If the deal closes later this year, Sotheby's would return to private ownership after being a publicly-held company for the past 31 years. If the deal closes later this year, Sotheby’s would return to private ownership after being a publicly-held company for the past 31 years.

NEW YORK CITY—Famed auction house Sotheby’s has announced it has signed an agreement to be taken private by BidFair USA, an entity wholly owned by media and telecom entrepreneur and art collector Patrick Drahi in a deal valued at $3.7 billion.

Sotheby’s announced this morning that its board of directors had approved a plan that will have BidFair pay $57 in cash per share of Sotheby’s common stock. The transaction would result in Sotheby’s returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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