Sotheby's
Sotheby's is the world's second oldest international auction house in continuous operation. It was founded in London, England on 11 March 1744 when Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from the library of a certain Rt. Hon. Sir John Stanley.
Today, the firm has an annual turnover of approximately US $2 bn, and offices on London's New Bond Street and Manhattan's York Avenue. This dominant position has been achieved through natural growth, acquisitions (most notably the 1964 purchase of the United States' largest auctioneer of fine art, Parke-Bernet), and smart management during the cyclical "art recessions" of the past century.
The company was purchased in 1983 by US millionaire A. Alfred Taubman, who took it public in 1998.
Sotheby's has an intense rivalry with Christie's for the position of the world's preeminent fine art auctioneer.
Price fixing scandal
In February 2000, Alfred Taubman and Diana (Dede) Brooks, the CEO of the company, stepped down amidst a scandal. The Federal Bureau of Investigation had been investigating auction practices in which it was revealed that collusion involving commission fixing between Christie's and Sotheby's was occurring.
In October 2000, Brooks admitted her guilt in hopes of receiving a reduced sentence, implicating Taubman.
In December 2001, jurors in a high profile New York City courtroom found Taubman guilty of conspiracy. He served one year and one day in prison, while Brooks received a six-month home confinement and a penalty of $350,000.
Auctioned artwork
On 3 May 2006, Sotheby's auctioned Picasso's portrait Dora Maar with Cat which was sold for $95 million, becoming the second most expensive artwork sold at an auction. However, on 18 June 2006, Portrait of Adele Bloch-Bauer I by Gustav Klimt was sold in a private sale for $135 million, the highest price ever paid for a painting, thus reducing Dora Maar with Cat to third place.
The previous first place holder for the most expensive auctioned artwork was Garçon à la pipe also painted by Picasso and was auctioned by Sotheby's in 2004 for a price of $104 million. Adjusted for inflation, the Picassos take fourth and fifth place, with a Renoir sold at Sotheby's in third and a Van Gogh sold at Christie's in second.
Further reading
- Christopher Mason, The Art of the Steal, 2004. Putnam. ISBN 0-399-15093-5
- Peter Watson, "Sotheby's: The Inside Story," 1998. Random House. ISBN 978-0679414032
External links
- Sotheby's official website
- Sotheby's Impressionist Sale Totals $239m, Tops Low Estimate
- IR ON THE NET: Going once, twice... delisted!
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