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Sotheby's closes take-private sale to Patrick Drahi

Sotheby's on Oct. 3 announced the close of the company's sale to art collector and telecom entrepreneur Patrick Drahi.

The acquisition, which had an enterprise value of $3.7 billion, received shareholder and regulatory approval in September.

The auctioneer will return to private ownership under Drahi-owned BidFair USA after 31 years on the New York Stock Exchange.