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A Tale of Two Sotheby’s

As the world’s largest auction house prepares to move into its new flagship HQ, in the former Whitney, questions abound as to what its new Emirati investors want, whether Patrick Drahi can retain control, and which employees will be sent packing to Siberia (i.e., Long Island City).

patrick drahi
All of this raises the question: Are we quietly witnessing the end of the Drahi era as his influence over the company wanes? Photo: Christophe Morin/IP3/Getty Images
Marion Maneker
September 25, 2024

Sotheby’s is approaching a crucial season in its five-year stewardship under Patrick Drahi, the Morocco-born, Swiss-domiciled, Israeli-passport-bearing magnate who has cleverly juggled debt among his various holdings to build Altice, his telecom empire, and acquire the 280-year-old auction house. Over the past year, it would appear that Sotheby’s opaque finances have deteriorated as the art market declined from its 2022 high. In August, facing a declining credit rating and in need of fresh capital, Drahi sold a substantial minority stake in Sotheby’s to ADQ, an Abu Dhabi-based investment firm.