Sotheby’s recent troubles are well documented. From fending off the aggressive overtures of various hedge funds, to streamlining its business in an increasingly chaotic market, it has not always been able to focus on the business of selling art.
Having found its White Knight in Patrick Drahi, and with the art auction market picking up, hopefully the business can move forward free of the increased regulatory burden and cost all listed companies face, and focus on delivering a good return for its sole shareholder free from outside interference.
The 61% premium paid to shareholders will look like good business if Sotheby’s can build on its recent high profile sales.
Sotheby's is being bought by telecoms billionaire Patrick Drahi in a deal valuing the auction house at $3.7bn.