Sotheby's has been bought by French-Israeli telecommunications entrepreneur Patrick Drahi for $3.7 billion and will be taken private.
Lots of commentary out there:
New York Times.
Wall Street Journal.
Georgina Adam.
Felix Salmon. (Bottom line: "Buying Sotheby's gives Drahi much more clout among the global ultra-wealthy than he would get from buying $3.7 billion of art. It will also increase his name recognition in the U.S., where he has long harbored ambitions to build a major cable empire.")