Media and telecom entrepreneur Patrick Drahi completed the acquisition of Sotheby's, one of the world's largest brokers of fine and decorative art, jewelry, real estate, and collectibles, for $3.7bn. The $57 per share price represents a premium of 61% to Sotheby's closing price on June 14, 2019. Drahi would be taking Sotheby's private after the acquisition. “Private ownership at this moment in Sotheby’s development would empower us to accelerate many of those growth initiatives and focus on long-term success,” Tad Smith, Sotheby's President.