An art collector buys the world's oldest auction house, Sotheby's, for $3.7 billion

Dubai, United Arab Emirates - After three decades as a public company trading on the New York Stock Exchange, Sotheby's, the world's oldest and largest international auction house, has announced its plans to become private in a deal valued at $3.7 billion. The 275-year-old auction house was sold to billionaire telecommunications mogul and art collector Patrick Drahi, whose fortune is estimated at more than $9 billion, according to Forbes.

The deal values ​​Sotheby's at $57 per share, a premium of 61% to the company's closing price on Friday. Sotheby's stock also rose 58% on Monday.

“Sotheby's is one of the most elegant and aspirational brands in the world,” Dry said in a statement, adding that he has been a fan of the company and one of its clients for a very long time. Sotheby's was founded in London in 1744, and today it has 80 offices around the world, with its headquarters in New York.

According to the company, leaving Wall Street will give it the flexibility to accelerate its recent restructuring program to position the company for long-term success. Christie's had become the auction house competing with Sotheby's, especially in 1998, after it was acquired by French billionaire François Pinault.

Although Sotheby's share price rose to a level about a year ago, it then fell due to a decline in revenues, so its shares fell over the past year by 40%, before Monday's deal. It is noteworthy that Sotheby's auction house specializes in displaying famous paintings, sculptures and other valuable collectibles, and is scheduled to display in August a fully restored Aston Martin DB5, which was made famous in the 1964 James Bond movie "Goldfinger."

The car's selling price is expected to reach $6 million.