French billionaire Patrick Drahi snaps up Sotheby's in $3.7 billion deal
PARIS/BOSTON - Patrick Drahi, the billionaire behind telecoms and media group Altice, agreed on Monday to buy Sotheby’s in a deal worth $3.7 billion, marking the storied art auction house’s return to private ownership after 31 years.
Drahi’s expansion in the United States also has echoes of former Vivendi boss Jean-Marie Messier, who helped Vivendi move into entertainment via the Universal business. It also marks a new chapter for the auction house that became a destination for a new generation of wealth created on Wall Street, in Silicon Valley and around the world, art experts said.
FILE PHOTO: A woman stands in front of Andy Warhol's"Superman" at a pre-auction viewing at Sotheby's in Los Angeles, California March 25, 2015. REUTERS/Lucy Nicholson/File Photo Drahi said he would not be selling shares in his Altice Europe business, but would be cashing in a small stake in his Altice USA division. Shares in Altice USA fell around 2% on Monday.
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