A woman stands in front of Andy Warhol's "Superman" at a pre-auction viewing at Sotheby's in Los Angeles, California.
Sotheby's has accepted a merger offer from entrepreneur Patrick Drahi, who will purchase the auction house for $3.7 billion.
"This acquisition will provide Sotheby's with the opportunity to accelerate the successful programme of growth initiatives of the past several years in a more flexible private environment", he added.
Drahi's expansion in the United States also has echoes of former Vivendi boss Jean-Marie Messier, who helped Vivendi move into entertainment via the Universal business.
The deal also marks a new chapter for the 275-year-old auction house that became a destination for a new generation of wealth created on Wall Street, in Silicon Valley and around the world.
While rival Christie's occupies more of the top slots in tables of the largest art sales, Sotheby's has brought the hammer down on high-profile artworks and books, including a 710-year-old copy of the Magna Carta for $21.3m and Edvard Munch's The Scream, which went for $120m in 2012.
It will also result in Sotheby's returning to private ownership after 31 years as a public company whose shares were traded on the NY market.
Drahi, head of the Altice empire which owns Virgin Mobile and several French media houses including BFM news channel and Liberation newspaper, is paying $57 US per share to acquire Sotheby's through his company BidFair USA, the art house said. The offer represented a premium of 61 percent to Sotheby's closing price on Friday, and gives it a market capitalization of $2.6 billion.
Bhuvneshwar Kumar out for next 2-3 games: Virat Kohli
The Indian skipper added that they will include Mohammad Shami who is raring to go. "Rohit's knock was outstanding today. He again showed today why he is such a good ODI player". "It was a team effort to get to 336".
Sotheby's has faced cost-cutting and pressure from hedge fund investors Dan Loeb and Mick McGuire ever since the financial crisis of 2008 put luxury companies into jeopardy.
A report published by Swiss bank UBS and Art Basel in March said that the global art market had enjoyed another uptick in 2018.
"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", Tad Smith, Sotheby's CEO, said in the statement. Before Monday the stock was down 11 per cent in the year to date.
Born in Morocco, Drahi, 55, was trained at the selective Polytechnique school in Paris, and holds dual French and Israeli citizenship.
"Sotheby's is one of the most elegant and aspirational brands in the world, said the buyer, Patrick Drahi".
Drahi said his investment was aimed at the "very long term" and that he had no plans to change Sotheby's business strategy.
Loeb, a prominent art collector, on Monday praised the sale.
Mr Loeb's Third Point group is the second-biggest investor with a 14% stake.
Veena had once shared with a tabloid, "First that he beat me; second, that he disrespected me... not once, but repeatedly". Ever since Izhaan's arrival in her life, Sania has been updating her fans with little details about her baby boy.
Meanwhile, Argentina will be hoping to silence doubters against Paraguay on Thursday, June 20, in their second group game. Argentina can not afford to lose again in their remaining two group-stage matches against Paraguay and Qatar.
En ce sens, le premier pourrait être un smartphone d'entrée de gamme, relativement similaire à l'iPhone XR . Celui-ci ajoute qu'il faudra donc attendre 2021 pour que tous les iPhone soient compatibles avec la 5G.
The bowling was too one-dimensional and they now need to rethink their tactics if they have to make it to the next stage. Taunton is mainly cloudy and dry and the West Indies-Bangladesh match should play out without interruption.
The event celebrates the Order of the Garter , one of the oldest and most senior order of knighthood in the U.K. Also joining the Queen were Prince Charles , Prince Andrew, Princess Anne, Prince Edward and Prince William .
And the big spending wouldn't stop there, with Woodward also readying a £350,000-a-week contract for the 26-year-old centre half. I've seen the stuff in the papers. 'What's that role about?' I've asked that question, so yeah, I have spoken to him.
The images are said to show an Iranian speedboat, approaching one of the vessels to remove an unexploded limpet mine. The U.S. has blamed Iran for the attack, saying they suspect another limpet mine attack on oil tankers by Iran.
Johnson said he bought that advice for years because he thought that was what he was supposed to do. "So, I made a choice". During her acceptance speech, mother-of-two Bullock said she took the film because "it was about family".
There were no immediate reports of serious damage or injuries, but the USGS warned there could be damage and casualties. At least two people were killed and 19 others injured, Xinhua said, citing local authorities.
Facebook's Cryptocurrency Has Big Backers
Facebook won't directly control the coin, nor will the individual members of the consortium known as the Libra Association. Bowles will be taking up his new role as Facebook's London-based director of public policy in September 2019.
Amir décroche le prix de 'Chanson de l'Année' avec "Longtemps"
Diffusé jusqu'à 23h00, le show organisé aux arènes de Nîmes a fédéré seulement 2,90 millions de téléspectateurs selon Médiamétrie. Il s'impose ainsi sur des chansons comme "Tout oublier" d'Angèle , "Copines" d'Aya Nakamura ou "Tiago" de Kendji Girac .
Nick Jonas & Priyanka Chopra Go Shopping With Joe Jonas
Actor Priyanka Chopra and her husband, singer Nick Jonas , have shared birthday wishes for her mother, Dr Madhu Chopra . She shared a separate post for Kevin Jonas Sr, in which she wrote: "Happy Father's Day". @madhumalati I love you.
Ash Barty can be a world number one this week
Kyrgios says he is not surprised by the sudden rise of a player he has known since they travelled the world together as juniors. It's unbelievable ", the Queenslander said after her win.