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53-417: Notable items in the collection include the following: In early 2009, the collection, estimated to be worth in excess of US$ 40 million, was placed for sale by Sotheby's , with the proviso that it be sold as a whole and not broken up, and remain accessible to scholars. The custodian Jack V. Lunzer , who is not benefitting from the proceeds of the sale, has stated that "I would like our library to be acquired by

106-540: A Nevada general partnership and a subsidiary of Sotheby's Holding Company. The subsidiary paid $ 143 million for the contents of the Pierre Matisse Gallery in Manhattan, which included about 2,300 works by artists including Miró , Jean Dubuffet , Alberto Giacometti , and Marc Chagall , and began selling the works both at auction and privately. In 1996, Sotheby's acquired Andre Emmerich Gallery to operate

159-567: A 13.5% stake. On 25 January 2018, Sotheby's acquired the AI company Thread Genius for an undisclosed amount. In February 2019, Sotheby's announced a redesign and expansion of its New York headquarters on the Upper East Side that is being led by the designer Shohei Shigematsu of the Office for Metropolitan Architecture (OMA). The exhibition space there will grow to over 90,000 square feet from 67,000, and

212-572: A 50% interest in Deitch Projects but later sold its share back to Jeffrey Deitch . In 1997, it also bought Leslie Hindman Auctioneers in Chicago; by 2001, it stopped holding auctions in the city. In 2006, Sotheby's acquired a Dutch dealership, Noortman Master Paintings, from its owner, Robert Noortman , for $ 82.5 million ($ 56.5 million worth of Sotheby's stock and assumption of more than $ 26 million in gallery debt, including $ 11.7 million owed to

265-401: A bank reference. There are four ways buyers can bid: in person at the auction rooms, by telephone, bid live online or make an absentee bid online. When a bid is successful, Sotheby's calculates and sums the hammer price, the buyer's premium and taxes. Sellers are required to submit an Auction Estimate Form, providing thorough information and a photograph of the item. Once accepted for auction,

318-567: A bimonthly online magazine since November–December 2018, Sotheby's Magazine . In 1969, Sotheby's founded Sotheby's Institute of Art in London. The Institute now offers full-time accredited master's degrees as well as a range of online and other courses. Sotheby's International Realty is a luxury real estate brand founded in 1976 by Sotheby's. It operates as a franchise. RM Sotheby's deals in classic cars, headquartered in Canada with offices across

371-423: A defined period of time, on works that clients are not planning to sell, in part to "establish or enhance mutually beneficial relationships with borrowers" that can lead to future consignments. While traditional lenders such as banks provide loans at a lower cost to borrowers, Sotheby's said in its 2011 annual report, few will accept works of art as the sole collateral. Sotheby's Picture Library contained images in

424-591: A division called Emmerich/Sotheby's, As a consequence, the Josef and Anni Albers Foundation , the main beneficiary of the artists' estates, as well as the estates of Morris Louis and Milton Avery announced that they would not renew their Emmerich contracts. That decision came right after it was disclosed that Sotheby's had decided to close Emmerich's prime space at 41 East 57th Street, and that its artists would be handled out of Deitch Projects. Sotheby's subsequently closed Andre Emmerich in 1998. In 1997, Sotheby's purchased

477-569: A fibre optics researcher at Philips . He resigned in 1990 to go into business for himself, initially consulting in the United States on investment in European cable providers. In 1994, in France, he founded Sud Câble Services; he and an American partner convinced mayors in southern France to allow them to lay cable for television in their towns. In 1998 he sold the company to John C. Malone's UPC . Drahi

530-588: A former cigar factory at 1334 York Avenue, New York. In 1982, the auction house closed its Madison Avenue galleries at East 76th Street, and its Los Angeles galleries were sold and West Coast auctions moved to New York. In 1983, a group of investors including American millionaire Alfred Taubman purchased and privatized Sotheby's. Sotheby's was initially incorporated as Sotheby's Holdings, Inc. in Michigan in August 1983. In 1988, Taubman took Sotheby's public and listed

583-557: A gallery for private sales close to its branch in London, in a five-story block at 31 George Street. The auction house also conducts private sales through its selling exhibitions of monumental sculpture at Chatsworth House , Derbyshire, and at the Singapore Botanic Gardens . Established in 1988, Sotheby's Financial Services offers loans for consigned property and loans against the value of client's items through customized terms. The auction house also makes term loans, for

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636-444: A line of a dozen wines. The project took two years to complete, and is based on Sotheby's best-selling wines, both those represented in-store and on its e-commerce platform. Additionally, the collection reflects some of the long-standing relationships Sotheby's has with producers around the world. The Sotheby's Wine Encyclopedia has been published in several editions since 1988, written by Tom Stevenson . Sotheby's has produced

689-458: A number of cost-cutting measures, including senior executive layoffs in 2019; job cuts, salary cuts, and a move to online auctions during the 2020 pandemic; and announcing an end to Sotheby's employee pension plan in 2022. In 2020, Sotheby's overtook Christie's as the world's top auction house for the first time since 2011, with over $ 5 billion in aggregate sales compared to its rival's $ 4.4 billion. As of late 2021, Drahi's son, Nathan Drahi,

742-633: A variety of formats available for licensing, and was one of the image suppliers to various databases such as the British Association of Picture Libraries and Agencies (BAPLA). However, only the image archive mentioned on the Sotheby's website as of April 2021 is an out-of-date reference to the Cecil Beaton Studio Archive, which Cecil Beaton sold to Sotheby's in 1977. In October 2019, Sotheby's launched Sotheby's Own Label Collection ,

795-492: Is Vice President–Growth at Altice USA, Angélina, who chairs the family's charity foundation, and twin sons David, who joined the board of directors of Altice USA in 2019, and Nathan, who formerly worked in London in private equity and was appointed Managing Director of Sotheby's Asia in 2021. In 2014, Drahi and his wife Lina created their family foundation, the Patrick and Lina Drahi Foundation, to support innovative programs in

848-850: Is one of the world's largest brokers of fine and decorative art , jewellery , and collectibles . It has 80 locations in 40 countries, and maintains a significant presence in the UK. Sotheby's was established on 11 March 1744 in London by Samuel Baker, a bookseller. In 1767 the firm became Baker & Leigh , after George Leigh became a partner, and was renamed to Leigh and Sotheby in 1778 after Baker's death when Leigh's nephew, John Sotheby , inherited Leigh's share. Other former names include: Leigh, Sotheby and Wilkinson ; Sotheby, Wilkinson and Hodge (1864–1924); Sotheby and Company (1924–83); Mssrs Sotheby ; Sotheby & Wilkinson ; Sotheby Mak van Waay ; and Sotheby's & Co . The American holding company

901-736: Is the founder and controlling shareholder of the European-based telecom group Altice . A former French citizen, he lives in Switzerland. Drahi was born into a Jewish family in Casablanca , Morocco. His parents both taught mathematics. When he was 15, the family moved to Montpellier , France. Drahi earned an engineering degree from École Polytechnique in Paris, and a post-graduate degree in optics and electronics from Télécom Paris . After completing his postgraduate degree in 1986, Drahi began work as

954-576: The Library of Congress . That would be my great joy." After visiting the exhibition of the collection at Sotheby's, a scholar from the Drisha Institute wrote of Lunzer's achievement: The morning of our visit, I studied the commentary of Rabbi David Kimhi , who is known as the Radak, on Joseph's conflict with his brothers. Honestly, it felt like just another of the many rabbinic commentaries.... Then I went to

1007-479: The Nasher Museum . The Sotheby's Prize program concluded in 2020, following a promise to honor existing commitments to shows that are still in formation. Patrick Drahi Patrick Drahi ( French pronunciation: [patʁik dʁai] ; Arabic : باتريك دراحي ; Hebrew : פטריק דרהי ; born 20 August 1963) is a French-Israeli billionaire magnate and investor with interests in media and telecoms. He

1060-509: The 1990s expressed interest in sites that ranged from the old Alexander's building on East 59th Street to the New York Coliseum site on Columbus Circle , and was even considering moving into the old B. Altman Building on Fifth Avenue. The company eventually bought its York Avenue building for $ 11 million in 2000 and completed a $ 140 million expansion and renovation in 2001, adding six floors and 240,000 square feet. The renovation added

1113-462: The Dukes of Devonshire and of Buckingham (both related to George Leigh), were sold through Samuel Baker's auctions. After Baker's death in 1778, the business was left to Leigh and his nephew John Sotheby , where it became a prominent book auction house and was renamed Leigh and Sotheby. George Leigh died in 1816, but not before recruiting Samuel E Leigh into the business. Under the Sotheby family,

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1166-645: The London auction market, which capitalised on the arts. In 1964, Sotheby's purchased Parke-Bernet , the largest auctioneer of fine art in the United States at the time. In the following year, Sotheby's moved to 980 Madison Avenue , New York. With the international fine art auction industry growing, Sotheby's opened offices in Paris and Los Angeles in 1967, and became the first auction house to operate in Hong Kong in 1973, and Moscow in 1988. As well as numerous high-profile real-life auctions being held at Sotheby's,

1219-551: The NYSE. In 2024 the Abu Dhabi sovereign wealth fund ADIA acquired a minority stake in Sotheby's, with a total investment of approximately $ 1 billion in the house. Sotheby's auctions are usually held during the day. The majority are free and open to the public, with the exception of occasional evening auctions, which require tickets. Attendees have no obligation to bid. Bidding finishes when only one bidder remains willing to purchase

1272-655: The US and Europe. Formerly RM Auctions, the company has been part-owned by Sotheby's since 2015. The Sotheby's Prize, launched in 2017, is a $ 250,000 annual award given to museums that exhibit what are vaguely described as "groundbreaking shows". The inaugural winners were Many Tongues: Art, Language and Revolution in the Middle East and South Asia curated by Omer Kholeif of the Museum of Contemporary Art in Chicago and Pop América: Contesting Freedom, 1965–1975 curated by Esther Gabara of

1325-697: The Valmadonna. Peering closely at one of the oldest manuscripts, I saw that it was a volume of Psalms with the Radak's commentary. In that instant, time and space collapsed as I found myself bound to every other Jew who has studied Kimhi's work since it was penned in the late 12th and early 13th centuries. That moment made clear to me that I am not simply a modern Jew studying in a contemporary yeshiva near Lincoln Center . I am tied to every other Jew through 800 years of history. I envision Kimhi hunched over his work, and wonder if his soul knows that even still we are learning from him, that his elucidation remains as relevant to

1378-681: The areas of science and education, entrepreneurship and innovation, the arts, and Israel and the Jewish people, through organizational grants. Incorporated in 2016 and headquartered in Zermatt , Switzerland, the foundation supports programs in Switzerland, France and Portugal. In 2014, Drahi's lawyer informed the magazine Challenges , who intended to include him in a list of France's top 500 fortunes, that he had given up his French citizenship and taken Israeli citizenship. But he reportedly acquired Portuguese citizenship in 2015, and has since been described as

1431-828: The auction house extended its activities to auctioning prints, medals, and coins. John Wilkinson, Sotheby's senior accountant, became a partner and eventually the company's new head of the company when the last member of the Sotheby family died in 1861. The business did not seek to auction fine arts initially. Their first major success in this field was the sale of a Frans Hals painting for nine thousand guineas in 1913. Other former names include: Leigh, Sotheby and Wilkinson; Sotheby, Wilkinson and Hodge (1864–1924); Sotheby and Company (1924–83); Mssrs Sotheby; Sotheby & Wilkinson; Sotheby Mak van Waay; and Sotheby's & Co. In 1917, Sotheby's relocated from 13 Wellington Street to 34–35 New Bond Street , which remains as its London base. They soon came to rival Christie's as leaders of

1484-416: The auction house). Sotheby's and Noortman had collaborated before in 1995, when the sales of Dutch plastic millionaire Joost Ritman were divided between the two companies. Already in 1990, Sotheby's New York had successfully lobbied for a zoning change permitting the construction of a 27-story residential tower above the five-story headquarters; this expansion was never realised. Instead, Sotheby's throughout

1537-558: The auction industry but had overseen a doubling of profits during his time at Madison Square Garden . In 2015, the auction house's longest-serving auctioneer, David Redden , and vice-chairman retired. In 2016, the company spent $ 50 million on Art Agency Partners, run by Amy Cappellazzo, Allan Schwartzman and Adam Chinn. The price was shared among the trio, as well as $ 35 million performance-related bonus. The five-year contract expired in 2021. In July 2016, Chinese insurance company Taikang Life became Sotheby's largest shareholder, with

1590-445: The buying and selling process in a private setting. Private Sales accounted for 16.5% of all Sotheby's sales in 2011. That year, Sotheby's inaugurated a new gallery space called S2 at its York Avenue headquarters with a show of work by American abstract painter Sam Francis . Unlike Haunch of Venison , a gallery that Christie's bought in 2007, S2 is solely devoted to showcasing the auction house's private sales. In 2013, Sotheby's opened

1643-510: The capability to store works on the same premises as the specialist departments, galleries , and auction spaces. Sotheby's New York's offices also house Sotheby's Wine and the former Bid (an American contemporary restaurant and later bistro ), which was closed due to poor attendance. The company sold the building in 2002 for $ 175 million. In May 2007, Sotheby's opened an office in Moscow in response to rapidly growing interest among Russian buyers in

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1696-520: The company's shares on the New York Stock Exchange (NYSE), making Sotheby's the oldest publicly traded company on the NYSE under the ticker symbol "BID". In June 2006, Sotheby's Holdings, Inc. reincorporated in the State of Delaware and was renamed Sotheby's shortly after. In 2019 Sotheby's was acquired by Patrick Drahi for $ 3.7 billion, becoming again a private company and no longer trading on

1749-648: The country, from media conglomerate Vivendi . In the UK, he bought 18% of the telecom BT in 2021 and in 2023 increased his stake to 24.5%. Drahi owns the Israeli cable television company HOT . In 2013 he founded the Israel-based international news channel i24news , which broadcasts in French, Arabic, and English. Altice entered the American telecommunications market in 2015 by purchasing 70% of Suddenlink Communications ,

1802-574: The cultures of the Jewish people around the world and across the ages ”. The Valmadonna Trust Library will be housed in the National Library of Israel's landmark new building in Jerusalem, due to open to the public in 2020. Sotheby%27s Sotheby's ( / ˈ s ʌ ð ə b i z / SUDH -ə-beez ) is a British-founded multinational corporation with headquarters in New York City . It

1855-552: The exception of Wine auctions. LiveBid is Sotheby's online bidding system exclusively for wine auctions. In the meantime, income from classic auctioneering has fallen, as Sotheby's reported a decrease of 42% in net income in the first half of 2012. In February 2015 Sotheby's acquired a 25% stake in classic and vintage automobile auctioneer RM Auctions . In March 2015, Tad Smith , former president and chief executive of New York's Madison Square Garden , succeeded William F. Ruprecht as CEO of Sotheby's. Smith had no experience in

1908-464: The firm's auctioneers have also been used in various films, including the 1983 James Bond film Octopussy . With private transactions constituting an essential and increasingly profitable business segment, through the years Sotheby's has bought art galleries and helped dealers finance purchases. It has also gone into partnership with dealers on private sales. In 1990, Sotheby's teamed up with dealer William Acquavella , to form Acquavella Modern Art,

1961-451: The first international auction house in China; under the agreement, it invested $ 1.2 million to take an 80 percent stake in the venture with state-owned Beijing Gehua Cultural Development Group . As of 2012, the firm had an annual revenue of approximately US$ 831.8 million and offices on Manhattan 's York Avenue and London's New Bond Street . Sotheby's shares a rivalry with Christie's for

2014-514: The international art market and held sales in Qatar in 2009. As many industries took a blow from the economic crisis of 2008, the art market also saw a contraction. In international figures, art prices fell by 7.5% in Q1 of 2008 in comparison to the previous quarter. In September and October 2008, major auction houses saw a sharp decline in sales: artprice.com , the world leader in art market information, coined

2067-594: The lot at the bidder's declared price. The auctioneer "knocks down" the lot, declaring it sold to the winning bidder. The winning bid for a lot is also called the hammer price . Sotheby's organises the delivery of the lot in private with the buyer. Buyers can find out what is for sale at Sotheby's by browsing e-catalogues, visiting pre-sale exhibitions, purchasing print catalogues and registering for e-mail alerts. Buyers can register to bid in person at Sotheby's offices, or online. Sotheby's requires that prospective buyers provide government-issued proof of identity and sometimes

2120-464: The position of the world's pre-eminent fine art auctioneer, a title of much subjectivity . In August 2004, Sotheby's introduced an online system – MySotheby's – allowing clients to track lots and create "wishlists" that could be automatically updated as new works became available. Sotheby's also created the BIDnow service, which allows bidders to bid real-time online while watching the broadcast auctions, with

2173-450: The project will include the addition of several new galleries. The company also launched a new online bidding platform on its website. In June 2019, Sotheby's was acquired by French-Israeli businessman Patrick Drahi at a 61% market premium. In October 2019, he brought in Charles F. Stewart as Sotheby's new CEO, and former CEO Tad Smith transitioned to an advisory role. Drahi instituted

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2226-816: The sale of the Daniel Bomberg Babylonian Talmud (1519-1523) from the Valmadonna Trust for $ 9.3 million, the copy that Lunzer obtained in trade from Westminster Abbey in 1980. In January 2017, the collection was sold to the National Library of Israel in January 2017 through a private sale arranged by Sotheby's. David Blumberg, chairman of the board of directors of the National Library of Israel , said: “ The Valmadonna Trust Library represents an historic addition to our leading collection of Jewish manuscripts, prints and books, which reflect and embody

2279-496: The seller and Sotheby's sign a contract, which sets out the reserve price and the seller's commission . If bidding on a seller's lot does not reach the reserve price, the item is not sold. As of April 2021 , Sotheby's listed the following services: Sotheby's links sellers with prospective buyers in private if sellers do not want a public auction . The identities of buyers and consignors are not disclosed. Sotheby's Private Sales works with clients with confidentiality and tailors

2332-581: The seventh-largest cable company in the US. Later in 2015, Drahi bought Cablevision from the Dolan family, renaming it Altice USA with its flagship brand Optimum being the fifth largest cable operator in the USA. In 2018, the Dolans sued Altice USA over alleged violations of the terms of the sale. In September 2020, to take the company private, Drahi offered €2.5 billion to minority shareholders of Altice. An increased bid

2385-408: The study of biblical text as it was to his contemporaries. The books of the Valmadonna – the books of our people – bring history alive [and] keep our history alive even when the communities that produce them are long dead. In May 2011, The Jewish Chronicle in London reported that the collection was still for sale, perhaps for around US$ 25 million. In December 2015, Sotheby's New York presided over

2438-410: The term "Black October". Sotheby's bought-in rate was 27%, Christie's was 45% and Phillips de Pury's was 46%. However, the total values of global and United States Fine Art auction sales were US$ 8.3 billion and US$ 2.9 billion, respectively. In 2009, art collector Steven A. Cohen built a 6 percent stake in the auction house for his hedge fund SAC Capital Advisors . In 2011, Noortman's Amsterdam space

2491-487: The world. On 15 March 2024, Drahi announced the sale of Altice Média to Rodolphe Saadé for just over €1.5 billion, in order to pay off some of the parent company's debt, estimated at €24 billion at the end of September 2023. Drahi married Lina Nazirah (née Zenie), a Greek Orthodox Syrian naturalized in Switzerland, in 1990. They moved to Switzerland in 1999 and live in Geneva . They have four children: Graziella, who

2544-596: Was accepted in January 2021. In June 2019, Sotheby's announced it was being acquired by Drahi at a 61% market premium. To cut debts and fund growth, in 2024 Drahi sold a $ 1bn stake to ADQ. In June 2015, Forbes estimated Drahi's net worth at $ 26.5 billion and ranked him as the 57th richest person in the world and the third richest in France. He was ranked as the richest person in Israel until 2016, when he came in second. As of December 2023 , Forbes lists his net worth at $ 4.9 billion, ranking him 584th in

2597-407: Was closed and the gallery moved to London. Two years later, Sotheby's closed Noortmans, after having written down $ 8.3 million of inventory and started selling off lower-valued works of art through other auction houses. As of 2021 , Sotheby's is present in over 40 countries, with 80 locations. In 2012, the company signed a 10-year joint-venture agreement to form Sotheby's (Beijing) Auction Co. Ltd.,

2650-516: Was established on 11 March 1744 in London by Samuel Baker, a bookseller. In 1767 the firm became Baker & Leigh, after Samuel Baker auctioned several hundred valuable books from the library of The Rt Hon Sir John Stanley, 1st Baronet , of Grangegorman and became business partners with George Leigh. The library Napoleon took with him into exile at St Helena , as well as the library collections of John Wilkes , Benjamin Heywood Bright and

2703-551: Was initially incorporated in August 1983 in Michigan as Sotheby's Holdings, Inc . In June 2006, it was reincorporated in the State of Delaware and was renamed Sotheby's. In June 2019, Sotheby's was acquired by French-Israeli businessman Patrick Drahi at a 61% market premium. Sotheby's Institute of Art (an educational facility), Sotheby's International Realty ( real estate dealers), and RM Sotheby's ( classic car dealers) are subsidiaries or partner organisations. Sotheby's

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2756-548: Was paid in UPC stock and went to Geneva to work for the company. He sold his position in UPC for approximately €40 million just before the dot-com bubble burst. In 2001, he founded the Amsterdam-based holding company Altice ATCE.AS, which soon began to buy up European cable companies. In France, he founded the French cable operator Numericable and in 2013 bought SFR , the second largest mobile phone and internet provider in

2809-477: Was the managing director of Sotheby's Asia. In June 2023, Sotheby's agreed to purchase 945 Madison Avenue , a former museum building designed by Marcel Breuer , to house the company's headquarters, including its galleries, exhibition space, and auction room. The company plans to open its new space in 2025. Sotheby's became a UK public company in 1977. In 1980, after a drop in sales, Sotheby's relocated its North American headquarters from Madison Avenue to

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