Sotheby’s (or translated as: Sotheby) Sotheby’s (NYSE: BID) was founded in 1774 and is headquartered in New York City, New York, with 1,713 full-time employees. It is an auction house known for auctioning artworks and cultural relics.
June 17, 2019, the European telecoms and media group Altice Executive Chairman Patrick Dela Xi (Patrick Drahi) agreed to pay $ 3.7 billion cash acquisition of Sotheby’s auction house. Sotheby’s said it has signed an agreement with BidFair USA, a subsidiary of Drahy, which will acquire Sotheby’s at a cash price of $57 per share. The bid is 61% premium to Sotheby’s closing price last Friday. Since then, Sotheby’s will end 31 years of New York listed company status and become a privately owned auction house.
Sotheby’s is an auction house founded in 1744. It is the world’s oldest and largest internationally renowned art auction house. Known for auctioning artworks and cultural relics. Business includes art auctions, private art sales and art loans. The main competitor is Christie’s.
Sotheby’s offices are located in New Bond Street, London, and York Avenue, Manhattan, New York, with operations in 40 countries around the world, including emerging markets such as Beijing, Moscow and Doha; the main auction centers are located in York Avenue, New York, United States, and New Bond, London, United Kingdom Street, Saint Donat Street in Paris and Hong Kong, and regularly held auctions in 6 other auction centers.
Sotheby’s Auction House was also the first auction house established in Hong Kong. It was established in 1973 and held its first auction in the same year. Sotheby’s established representative offices in Shanghai and Beijing in 1994 and 2007, and held auction previews in mainland China in 1995.
- Napoleon’s book collection on St. Helena
- Jewels of the Duchess of Windsor
- Jacqueline Kennedy’s legacy
- Rembrandt’s “Aristotle Contemplating the Bust of Homer”
- Rubens’ Massacre of the Innocents
- Picasso’s “Boy with a Pipe”
- Bacon’s “Triptych, 1976”
- A yellow-bottomed flower gourd vase from the Qianlong period of the Qing Dynasty collected by the Grand Ducal Collections of Baden, “Guennol Lioness” (Guennol Lioness)
- “L’Homme Qui Marche I” by Giacometti
- “Magna Carta”
- “The Scream” by Edward Munch
- In 1955, Sotheby’s established a New York office.
- In 1964, Sotheby’s acquired Parke-Bernet, the largest art auctioneer in the United States.
- In 1974, Sotheby’s established an office in Hong Kong, becoming the first international auction company to establish a foothold in Asia.
- In 1983, American billionaire A. Alfred Taubman acquired Sotheby’s.
- In 1987, the Duchess of Windsor (Duchess of Windsor) jewelry auction held on the shores of Lake Geneva was shocking.
- In 1988, Sotheby’s went public on the New York Stock Exchange.
- In 2000, Sotheby’s became the first international auctioneer to hold an auction on the Internet (at Sothebys.com).
- In the early morning of October 3, 2013, according to Reuters, activist investor Daniel Loeb (Daniel Loeb) through his hedge fund Third Point increased his holdings of 9.3% of auction giant Sotheby’s (BID) shares, becoming the The company’s largest shareholder.
- On July 27, 2016, China Taikang Life spent US$230 million in a 13.52% stake (7918,700 shares) in Sotheby’s Auction House, becoming the largest shareholder.
- As of November 11, 2016, Taikang Life held a total of 14.99% of Sotheby’s shares, a total of 7.9396 million shares.
Auction giant Christie’s:
Speaking of Sotheby’s, one has to mention Christie’s, another auction giant that has competed with it for more than 200 years. Christie’s was founded on December 5, 1776, and the sales date of Christie’s newspaper advertisements dates back to 1759. Its founder, James Christie, chose the direction of art auctions from the beginning and publicly auctioned the relics of the royal family and nobles, thus bringing the auction industry into the upper class.
From 1973 to 1999, Christie’s was a listed company on the London Stock Exchange. Afterwards, Christie’s was privately owned by Frenchman François Pinault.
On December 28, 2008, the Sunday Times reported that Pinault was “considering” selling Christie’s due to debt issues and a large number of “private equity funds” also expressed interest.
On April 9, 2013, Christie’s became the first international art auction company to obtain an auction license in China and independently conduct auction business. It plans to start auctions in Shanghai in the fall of 2013.
Sotheby’s (BID) investment:
Acquired and will be delisted soon!