Shareholder Seeks Class Action Suit to Block Sotheby's Sale to Drahi

  • July 24, 2019 14:28

  • Email
Sotheby's

Days after Sotheby's shareholders Eli Goffman and Shiva Stein filed separate lawsuits in federal court in Manhattan against the sale of the auction house to BidFair USA, another lawsuit has been filed by Michael Kent, also a shareholder. Legal actions claim “incomplete and misleading disclosures” in the sale, and seek unspecified damages.

Kent is seeking class-action status for the suit, which was filed in a US District Court in Delaware, according to artnet.

French-Israeli telecom magnate Patrick Drahi's company BidFair was announced as the buyer of publicly-traded Sotheby's for $3.7 billion in June. The move would take the company private after 31 years, with Sotheby’s shareholders receiving $57 per share of its common stock.

Artsy reporter Nate Freeman points out that the Sotheby's sale, with its accompanying loss of shareholder gaze and public earnings reports, could greatly alter the art market---namely, even less opaqueness at the top end of the market and a tighter race for top-tier consignments.

Still, Sotheby's might entertain higher bids from other private investors, say insiders, according to the NY Post.

Read more at artsy


  • Email

More News Feed Headlines

 Pipilotti Rist, International Liquid Finger Prayer, 2019 (still).  Augmented reality.  Courtesy the artist and Apple

Apple and New Museum Launch App-Enabled [AR]T Initiative

  • ArtfixDaily / August 15th, 2019

Apple invited the New Museum to collaborate on a new Augmented Reality initiative to create a series of experiential ...

Read More...
Detail of the Taber Family Tianqiuping from the Philbrook Museum of Art that sold at Christie's Hong Kong in 2018 for HK$130,600,000.

Trump Imposes 10 Percent Tariff on Chinese Art and Antiques Starting September 1

  • ArtfixDaily / August 15th, 2019

U.S. President Trump deepened his trade war with China by imposing a new 10% tariff on Chinese art, antiques and ...

Read More...
"California Hills in Spring," a Childe Hassam painting stolen from the home of Tony Buzbee.

Crime Ring Used Social Media For Multi-million Dollar Art Thefts Around Houston

  • Houston Chronicle (slideshow includes images of stolen artwork) / July 25th, 2019

Burglars used social media to monitor victims' activities, scout their homes, and steal millions in artwork and other ...

Read More...
Installation view of the Whitney Biennial 2019 (Whitney Museum of American Art, New York, May 17-September 22, 2019).  Nicole Eisenman, Procession, 2019.  Photograph by Ron Amstutz.

After Warren Kanders Resigns From Whitney Museum Board, Several Boycotting Artists Decide to Stay in Biennial

  • Hyperallergic / July 25th, 2019

Warren Kanders has resigned as vice chairman of the Whitney Museum of American Art’s board of trustees, first ...

Read More...

ARTFIXdaily Artwire