That’s because the auction house itself recently sold for an eye-popping figure of $3.7 billion, after it was purchased by French-Israeli entrepreneur Patrick Drahi.
The founder of Dutch-based telecom giant Altice, billionaire Drahi said he is honoured that the board has chosen to accept his offer.
The deal is slated to formalise shortly and will close in the fourth quarter of this year, after it is fully vetted by shareholders and regulators.
“Sotheby’s is one of the most elegant and aspirational brands in the world,” said Drahi.
“As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family.”
The renowned auction house is widely considered to have transformed the auction market, injecting it with a much-needed sense of glamour.
Sotheby’s currently operates in 10 cities across the globe including London, New York, Hong Kong and Paris.