A book sale at Sotheby, Wilkinson & Hodge in 1888.
Sotheby's has been selling property for others going on three centuries now. Two weeks ago, the tables were turned. This time, it was Sotheby's itself that was sold. The hammer price was $3.7 billion, undoubtedly the highest realization ever at Sotheby's, although the sale did not take place in the auction rooms. It was a private sale.
The buyer officially was BidFair USA, but that is an entity wholly owned by entrepreneur Patrick Drahi and his family. Mr. Drahi is a French and Israeli citizen who has had enormous success in the telecommunications and digital media sphere. He owns several such companies in Europe along with major shares in a couple of cable companies in the U.S. Mr. Drahi's wealth is primarily based on being a 60% shareholder in the European firm Altice. Fortune Magazine estimates his financial worth as being $9.3 billion.
Mr. Drahi is also a noted art collector and has long been a client of Sotheby's.
In announcing the sale, Sotheby's CEO Tad Smith said, "Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby’s, I want to welcome him to the family. Known for his commitment to innovation and ingenuity, Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world. He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby’s with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment. It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner."
Domenico De Sole, Chairman of the Board of Sotheby's, added, “Following a comprehensive review, the Board enthusiastically supports Mr. Drahi’s offer, which delivers a significant premium to market for our shareholders. After more than 30 years as a public company, the time is right for Sotheby’s to return to private ownership to continue on a path of growth and success."
For his part, Mr. Drahi commented, "I am honored that the Board of Sotheby’s has decided to recommend my offer. Sotheby’s is one of the most elegant and aspirational brands in the world. As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family. We thank Domenico and the rest of the Sotheby’s Board for its support and look forward to getting started with Tad and the wonderful members of his team to define our future."
Perhaps Mr. Drahi will be able to reprise the old Victor Kiam commercial, when after purchasing the Remington shaver company, he announced, "I liked the shaver so much, I bought the company."
Sotheby's was founded in 1744 when it presided over the sale of a collection of books. It is named for one of its founders, John Sotheby. For two centuries, the company was located exclusively in London, but the firm opened its first overseas office, in New York, in the 1950s. After an even longer period as a private company, Sotheby's went public in the late 1970s, returning to private status a few years later. In 1988, Sotheby's again went public and has been a publicly held company, traded on the New York Stock Exchange, ever since.
As to how Mr. Drahi was able to obtain board and shareholder approval of his proposal so quickly, one need only look at his offer. It was a generous 61% higher than the closing stock price the day prior. It last traded for $35.39 per share on June 14, before the announcement. The $3.7 million offered amounts to $57 per share. Not bad for a day's investment. Interestingly, while stocks often rise shortly before such a deal is announced, a sign that somebody knows what is about to happen, Sotheby's stock traded in the $35s all the previous week, evidence that Sotheby's and Mr. Drahi succeeded in keep their plans tightly under wraps.
Rose City Book & Paper Fair June 14-15, 2025 1000 NE Multnomah, Portland ROSECITYBOOKFAIR.COM
Old World Auctions (April 23): Lot 748. Second volume of Blaeu's atlas featuring 89 maps of the Americas and Asia (1642) Est. $12,000 - $15,000
Old World Auctions (April 23): Lot 12. A world map with popular cartographic myths and unique embellishments (1788) Est. $3,000 - $3,750
Old World Auctions (April 23): Lot 30. One of the most sought-after charts from Cellarius' work (1708) Est. $1,200 - $1,500
Old World Auctions (April 23): Lot 38. Anti-Vietnam War persuasive cartography on a velvet poster (1971) Est. $350 - $425
Old World Auctions (April 23): Lot 43. Ortelius' influential map of the New World - second plate (1584) Est. $4,750 - $6,000
Old World Auctions (April 23): Lot 95. Scarce German map illustrating the French & Indian War (1755) Est. $8,000 - $9,500
Old World Auctions (April 23): Lot 149. Bachmann's dramatic view of the Mid-Atlantic region (1864) Est. $1,200 - $1,500
Old World Auctions (April 23): Lot 373. De Jode's very rare map of Europe with costumed figures (1593) Est. $6,000 - $7,500
Old World Auctions (April 23): Lot 674. De Bry's Petits Voyages, Part VII with all plates and map of Sri Lanka (1606) Est. $1,400 - $1,700
Old World Auctions (April 23): Lot 704. The first printed map devoted to the Pacific in full contemporary color (1589) Est. $7,500 - $9,000
Old World Auctions (April 23): Lot 734. Superb hand-colored image of the Tree of Jesse (1502) Est. $700 - $850
University Archives Rare Autographs, Books & Photos; Abraham Lincoln Collection April 23, 2025
University Archives, Apr. 23: Best Image of Abraham Lincoln: "Closest… to ‘seeing' Lincoln… A National Treasure" Original Hesler/Ayres Interpositive. $800,000 to $1,000,000.
University Archives, Apr. 23: Einstein, 3pp of Unified Field Theory Equations: “I want to try to show that a truly natural choice for field equations exists.” Formalizing His Final Approach, Association to Theory of Relativity. $80,000 to $120,000.
University Archives, Apr. 23: Marilyn Monroe's Best Personally Owned & Annotated Script for Unfinished Last Film, "Something's Got to Give" (1962). $75,000 to $100,000.
University Archives Rare Autographs, Books & Photos; Abraham Lincoln Collection April 23, 2025
University Archives, Apr. 23: David Ben-Gurion ALS: "The Jewish people have attained the epitome...the State of Israel is born," 1 Day After Signing Israeli Declaration of Independence, Best Ben-Gurion Ever! $80,000 to $100,000.
University Archives, Apr. 23: Lincoln ALS to Youth: "A young man, before the enemy has learned to watch him...votes... shall redeem the county" Evocative of Famous "Work" Letter. $70,000 to $100,000.
University Archives, Apr. 23: Lincoln Appointment for Cabinet Member With Largest, Boldest, Full Signature! Important Content: Detente with England. $10,000 to $15,000.
University Archives Rare Autographs, Books & Photos; Abraham Lincoln Collection April 23, 2025
University Archives, Apr. 23: Abraham Lincoln Rare Signed Check To Law Partner W.H. Herndon, Perhaps Unique as Such! $20,000 to $25,000
University Archives, Apr. 23: Tokyo War Crimes Files of Prosecuting Attorney For POW Camp Atrocities, 500+ Pages, Unpublished Court Documents, Photos and More. $25,000 to $35,000.
University Archives, Apr. 23: 1698 South Carolina Slavery Archive Huguenot Planters Earliest Rare Plat Maps for Plantations 41 Docs 107 pp. Most Colonial. $25,000 to $35,000.
University Archives Rare Autographs, Books & Photos; Abraham Lincoln Collection April 23, 2025
University Archives, Apr. 23: Adam Smith ALS While Revising “The Wealth of Nations” - A New Discovery Documenting Meeting with Influential Editor. $18,000 to $24,000.
University Archives, Apr. 23: Margaret Mitchell Rare ALS to Her Editor as Epic Film "Gone With the Wind" Gains Heat "Forgive this scrawl. I haven't written a letter in long hand in years and I've almost forgotten how it's done." $3,000 to $4,000.
University Archives, Apr. 23: Einstein 1935 TLS, Hopes to Warn Non-Jews of "The true nature of the Hitler regime.” $8,500 to $10,000.
Sotheby's Sell Your Fine Books & Manuscripts
Sotheby’s: The Shem Tov Bible, 1312 | A Masterpiece from the Golden Age of Spain. Sold: 6,960,000 USD
Sotheby’s: Ten Commandments Tablet, 300-800 CE | One of humanity's earliest and most enduring moral codes. Sold: 5,040,000 USD
Sotheby’s: William Blake | Songs of Innocence and of Experience. Sold: 4,320,000 USD
Sotheby’s: The Declaration of Independence | The Holt printing, the only copy in private hands. Sold: 3,360,000 USD
Sotheby's Sell Your Fine Books & Manuscripts
Sotheby’s: Thomas Taylor | The original cover art for Harry Potter and the Philosopher's Stone. Sold: 1,920,000 USD
Sotheby’s: Machiavelli | Il Principe, a previously unrecorded copy of the book where modern political thought began. Sold: 576,000 GBP
Sotheby’s: Leonardo da Vinci | Trattato della pittura, ca. 1639, a very fine pre-publication manuscript. Sold: 381,000 GBP
Sotheby’s: Henri Matisse | Jazz, Paris 1947, the complete portfolio. Sold: 312,000 EUR
