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Sotheby's is the world's oldest international auction house in continuous operation. The first ever Sotheby's sale was held on March 11 1744 when the company's founder, Samuel Baker, presided over the disposal of "several hundred scarce and valuable" books. The modern name derives from Baker's nephew, John Sotheby, who partially inheirited it upon the death of Samuel.
Today, the firm has an annual turnover of approximately dollar|US$" target="_blank" >*2 billion, and offices on London's New Bond Street and Manhattan's York Avenue. Sotheby's has an intense rivalry with Christie's for the position of the world's pre-eminent fine-art auctioneer.
This dominant position has been achieved through natural growth, acquisitions (notably the purchase of the United States' largest fine-art auctioneer, Parke-Bernet, in 1964), and excellent management during the cyclical "art recessions" seen over the past century.
The company was purchased in 1983 by US millionaire A. Alfred Taubman, who took it public in 1998.
In February 2000, Alfred Taubman and Diana 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, Diana (Dede) 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 a day in prison and Mrs. Brooks got 3 months of home confinement and a penalty of $350,000.
On May 3, 2006, Sotheby's autioned 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 June 18, 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 also held by a Picasso and was auctioned by this same auction house 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.
See also
Further reading
- Christopher Mason, The Art of the Steal, 2004. Putnam. ISBN 0399150935
External links
1744 establishments | London auction houses | Manhattan | New York auction houses | Companies formerly listed on the London Stock Exchange
"Sotheby's"