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 English explorer Samuel Baker presided over the disposal of "several hundred scarce and valuable" books from the library of Sir John Stanley, a British politician.
Today, the firm has an annual turnover of approximately US $2 billion, and maintains offices on London's New Bond Street and Manhattan's York Avenue. This dominant position has been achieved through natural growth, smart management during cyclical "art recessions", and significant acquisitions, most notably the 1964 purchase of the United States' largest auctioneer of fine art, Parke-Bernet.
History
The company was purchased in 1983 by US millionaire A. Alfred Taubman, who turned the auction house public in 1998. Sotheby's continues to maintain an intense rivalry with Christie's auction house for the position of the world's preeminent fine art auctioneer.
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.
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.
International Expansion
Noteworthy Collections
ReferencesISBN links support NWE through referral fees
- Hoover's, Inc., 2007. Sotheby's Company Profile. Answers.com 15 May. 2007.
- International Directory of Company Histories. The Gale Group, Inc, 2006. Sotheby's. Answers.com 15 May. 2007.
- Sotheby's Corporate Information: History. Sotheby's.com Retrieved 15 May 2007.
External Links
- Sotheby's Official Website. 15 May 2007.
- Six World Records Set at Sotheby's International Herald Tribune. 15 May 2007.
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