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Private Deal for Sotheby’s Pushes Art Market ‘Underground’

Like masterpieces by Van Gogh, Picasso and Rothko, the storied auction house Sotheby’s is slipping into wealthy private hands, in a $2.7 billion deal that will reshape the global art market.

Billionaire Patrick Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Drahi, a disciple of media mogul John Malone, is seizing on the upheavals that have shaken the centuries-old auction model.

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https://www.bloomberg.com/news/articles/2019-06-17/billionaire-s-deal- for-sotheby-s-pushes-art-market-underground

2019-06-18T21:36:02+00:00