Patrick Drahi bought Sotheby's for $3.7 billion, but what are the company’s prospects in a market that looks tougher than it was in 2018?
November sales revenue at both Sotheby's and Christie's is expected to drop by 25%. After changing the top management and making room for his loyal lieutenants, Sotheby's new owner will have to juggle with the high-end market. As soon as the acquisition was finalised, Jean-Luc Berrebi, who is very close to Drahi and had until then managed his personal fortune, replaced the group's CFO, Mike Goss, and John Cahill, the Executive Vice President, left the company. In these conditions, it seemed clear that Tad Smith would soon leave as well. A month later, he was replaced by Charles Stewart, another Drahi lieutenant, who was until then the CFO and co-chairman of Altice USA. Drahi was shrewd enough not to get rid of Smith, but on the contrary to align his interests with his own. Instead of a golden parachute, Smith agreed to receive…
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