Franco-Israeli cable magnate Patrick Drahi made a surprise move into the art world by snapping up Sotheby’s in a deal worth $3.7 billion, marking the art auction house’s return to private ownership after 31 years.
The acquisition allows Drahi to join French billionaire Francois Pinault - who owns Sotheby’s main rival Christie’s - at the top of the art world and New York society.
Drahi joins an exclusive club of French billionaires active in the global art market, which also includes LVMH’s boss Bernard Arnault through his Louis Vuitton foundation.
Drahi’s expansion in the United States also has echoes of former Vivendi boss Jean-Marie Messier, who turned a struggling French water company into a global media giant with stakes in established U.S. institutions.
The deal also marks a new chapter for the 275-year-old auction house that became a destination for a new generation of wealth created on Wall Street, in Silicon Valley and around the world.
More at https://tinyurI.com/y4loffpy
The acquisition allows Drahi to join French billionaire Francois Pinault - who owns Sotheby’s main rival Christie’s - at the top of the art world and New York society.
Drahi joins an exclusive club of French billionaires active in the global art market, which also includes LVMH’s boss Bernard Arnault through his Louis Vuitton foundation.
Drahi’s expansion in the United States also has echoes of former Vivendi boss Jean-Marie Messier, who turned a struggling French water company into a global media giant with stakes in established U.S. institutions.
The deal also marks a new chapter for the 275-year-old auction house that became a destination for a new generation of wealth created on Wall Street, in Silicon Valley and around the world.
More at https://tinyurI.com/y4loffpy
