Sotheby’s goes under the hammer for $3.7bn

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Sotheby’s is being bought by telecoms billionaire Patrick Drahi in a distribute appreciating the art auction live at $3.7 bn.

The company, which has been on the New York stock market for 31 times, will now return to private ownership after a perturbed period.

French inventor and skill collector Mr Drahi, the founder of telecoms radical Altice, is buying Sotheby’s amid mansions that the artwork busines is booming again.

Sotheby’s arch rival Christie’s is also French-owned via the Pinault family.

After the financial crisis sent the art marketplace into a tailspin, Sotheby’s went through rounds of cost-costing and faced attacks by hedge fund investors Dan Loeb and Mick McGuire.