Sotheby's is being bought by telecoms billionaire Patrick Drahi in a deal valuing the auction house at US$ 3.7bn. The company, which has been on the New York stock market for 31 years, will return to private ownership after a troubled period.
A Claude Monet painting from his celebrated Meules (Haystacks) series drew US$110.7 million in New York on Tuesday in an auction record for the French Impressionist master. The sale at Sotheby's - the first time the work had come to auction since 1986 - fetched one of the 10 highest prices ever seen at auction.