Franco-Israeli Telecom Entrepreneur PATRICK DRAHI Purchases Sotheby's Auction House for £3bn

Sotheby’s has gone under the hammer for $3.7bn, ending years of public ownership, with the venerable auction house sold to Patrick Drahi, the billionaire founder of telecoms group Altice. The deal concludes frantic negotiations that began with an unsolicited approach from Drahi.

The Franco-Israeli entrepreneur collects art and has been looking to raise his profile outside the telecoms industry where he has made his fortune, according to a person who worked on the sale. His purchase means the world’s two largest auction houses will be owned by French b