Sotheby’s Australia sold
Reported in The Age Newspaper this morning 29/09/09
The Australian art auction world is in shock this morning as it wakes up to the news that Sotheby’s has sold its Australian arm to a rival company headed by Sydney businessman and auctioneer Tim Goodman. Sotheby’s Australian staff, who were told of the takeover only yesterday were shocked by the announcement. Mr Goodman, as chairman, chief executive and shareholder of First East Auction Holdings Limited (FEAL), the company that has bought the Sotheby’s licence, was instrumental to negotiations. He would not reveal the amount paid for the licence, but The Age understands it could be as little as in the low millions. The transaction will be finalised later this year. Mr Goodman is also the current chairman and chief executive of Bonhams & Goodman auction house, but he will be breaking ties with British firm Bonhams, terminating the licence to use the Bonhams’ name on December 22.
Last night, Bonhams chairman Robert Brooks announced that Bonhams 1793 - a shareholder in FEAL, which has traded as Bonhams & Goodman for six years - would launch its own independent operation in Australia and was looking to expand its presence here.
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