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Sotheby’s Ditches IPO Strategy After Picking Bankers

Patrick Drahi was said to be weighing an IPO after record 2021
Auction house has “big plans” for Asia despite “softer” demand

Charles Stewart, chief executive officer of Sotheby's, during a Bloomberg Television interview in New York.
Photographer: Christopher Goodney/Bloomberg

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By Nataly Pak

December 8, 2023 at 2:40 PM UTC

Sotheby’s, the auction house owned by French-Israeli telecoms billionaire Patrick Drahi, has quietly stepped away from plans for an initial public offering, a prospect it once considered seriously enough to pick bankers for a US listing.

“We are really enjoying operating as a fully private company,” CEO Charles Stewart said in a Bloomberg TV interview. “That suits us well and keeps us focused on our mission.”