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Sotheby's Announces Its Biggest Sale — Itself — For $3.7 Billion

The deal puts the auction house, which was founded in 1744, on a path to becoming a private company again.
Sotheby's says its board has accepted a purchase offer from telecom billionaire Patrick Drahi. Here, the auction house's headquarters are seen on Manhattan's Upper East Side. Source: Drew Angerer

Updated at 1:28 p.m. ET

Sotheby's has accepted a merger offer from entrepreneur Patrick Drahi, who will purchase the auction house for $3.7 billion. The deal puts Sotheby's, which was founded in 1744, on a path to

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