Sotheby’s owners are said to be considering making the home public – ARTnews.com

Patrick Drahi, the owner of Sotheby’s, is said to be considering taking the auction house public. If Drahi goes ahead with his plan to go public, it will come just a few years after he conducts a 277-year-old private auction in 2019, ending the house’s 30-year run as a private equity firm. way is a publicly traded company.

According to a report are from Bloomberg, Drahi, who has amassed his fortune through US telecommunications company Altice, could go public in the US next year. Since buying Sotheby’s for $3.7 billion more than two years ago, the French-Israeli billionaire has received large sums of money from this deal. In May of this year, Sotheby’s paid $300 million in dividends to its owners. Drahi’s BidFair USA owns 94% of Sotheby’s.

News of a potential move to take the company public came as soon as Sotheby’s report Revenue of $7.3 billion on Wednesday. That amount, the house said, was more than it had brought in in any other year before that. The historic high was driven in part by a new digital strategy enacted during the pandemic hit in 2020, and it was supported by a rise in young crypto collectors, the industry The collectibles and luxury sector surged in price and the return of sole proprietorship sales such as those from the Macklowe collection, brought in $676 million in November.

The age-old auction house’s potential return to the U.S. stock market, where it was previously represented by the ticker “BID” on the New York Stock Exchange, will once again offer bidders invest a rare hand in the notoriously dubious deals of the art market.

https://www.artnews.com/art-news/market/patrick-drahi-sothebys-public-plan-1234613825/ Sotheby’s owners are said to be considering making the home public – ARTnews.com

Yasmin Harisha

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