Sotheby’s snapped up by French tycoon Drahi for $3.7 billion

PARIS/BOSTON (Reuters) - Franco-Israeli cable magnate Patrick Drahi made a surprise move into the art world by snapping up Sotheby's in a deal worth $3.7 billion, marking the art auction house's return to private ownership after 31 years.

The acquisition allows Drahi to join French billionaire Francois Pinault - who owns Sotheby's main rival Christie's - at the top of the art world and New York society.

Drahi joins an exclusive club of French billionaires active in the global art market, which also includes LVMH's boss Bernard Arnault through his Louis Vuitton foundation.