Sotheby’s is an auction house known for auctioning artworks and artifacts. Sotheby’s now trades around $ 2 billion a year, with offices in New Bond Street, London, England, and York Avenue, Manhattan, New York. So far, Sotheby’s and Christie’s have been fiercely competing for the status of the world’s most important art auctioneer.
This predominant position was achieved through a variety of methods, including natural growth, acquisitions, and still being properly managed during the past century’s art decline. In 1964, Sotheby’s acquired Parke-Bernet, the largest art auctioneer in the United States. Sotheby’s was acquired by American billionaire A. Alfred Taubman in 1983, and went public in 1998.
In the early morning news of October 3, 2013, Reuters reported that Daniel Loeb, an aggressive investor, increased his holding of 9.3% of auction giant Sotheby’s (BID) through his subsidiary, Third Point, as The company’s largest shareholder.