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Sotheby's Inc.
Sotheby's is the premier destination for auctions and private sales of Contemporary, Modern & Impressionist, Old Master Paintings, Jewelry, Watches,...
Sotheby's Inc.
Sotheby's is the premier destination for auctions and private sales of Contemporary, Modern & Impressionist, Old Master Paintings, Jewelry, Watches, Wine, Decorative Arts, Asian Art & more
General information
Firm type
other
Year founded
1744
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Brooklyn · Palo Alto · Chicago · Boulder
Sector focus
Frequently asked questions
Who controls Sotheby's after the 2019 take-private?
BidFair USA, a holding company owned by telecom magnate Patrick Drahi, acquired Sotheby's in 2019 for $3.7 billion. Drahi's Altice group is the underlying family wealth. The firm operates as a privately-held subsidiary of BidFair USA, with Drahi as controlling shareholder.
Does Sotheby's operate as a traditional auction house or does it also function as a family office investment vehicle?
Sotheby's is not a family office itself. It is an auction house and luxury marketplace controlled by Patrick Drahi's BidFair USA. Drahi's broader wealth management may involve family office structures, but Sotheby's corporate entity is a stand-alone art-and-luxury platform.
How does Sotheby's generate revenue beyond auction commissions?
Revenue comes from auction buyer's and seller's premiums, private sale margins, and financial services like secured lending against art collections. The firm also operates Sotheby's International Realty, a real estate franchise, and sells directly from luxury brand partners via its online shop.
What distinguishes Sotheby's from Christie's?
Both are full-service auction houses with global salons, but Sotheby's carries a dedicated real estate arm, Sotheby's International Realty, and a broader brand retail presence selling new luxury goods. Ownership differs: Sotheby's is privately held by Patrick Drahi; Christie's is owned by the Groupe Artémis (Pinault family).
Are Sotheby's auction results the only way to price art?
No. Auction prices establish public benchmarks, but private sales through galleries, dealers, and Sotheby's own private sale division often transact at non-disclosed prices. The Sotheby's Mei Moses index tracks repeat-sale data as an alternative art market performance indicator.
How does Sotheby's handle authenticity and provenance?
Sotheby's maintains a team of in-house specialists and external experts who vet consignments for authenticity, title, and condition. The firm publishes auction catalogs with provenance histories and offers warranties on some lots. Liability for forgery is governed by auction terms and local law.
Does Sotheby's participate in fund investments or venture capital?
Sotheby's core business is auction and private sales in physical art and luxury goods. It does not function as an investment fund, though it offers financial services like margin lending against art, which competes with art-secured lenders like Athena Art Finance. No evidence of venture capital activity.
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