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World-leading auction house Sotheby’s has been sold for $3.7b to French-Israeli telecomms entrepreneur Patrick Drahi. Shares in the auction house had dropped by 40 percent in the past year, and Philip Hoffman, chief executive officer of the Fine Art Fund and former Christie’s CEO, said “It was ripe for Sotheby’s to go private. Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”...

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