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If the deal closes later this year, Sotheby's would return to private ownership after being a publicly-held company for the past 31 years. If the deal closes later this year, Sotheby’s would return to private ownership after being a publicly-held company for the past 31 years.

NEW YORK CITY—Famed auction house Sotheby’s has announced it has signed an agreement to be taken private by BidFair USA, an entity wholly owned by media and telecom entrepreneur and art collector Patrick Drahi in a deal valued at $3.7 billion.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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