Sotheby’s Sells Off Its S. Africa Auction Unit

From Reuters

Sotheby Parke Bernet, the international auction house, has sold its small South African operation to local management in what an official termed a “preempt disinvestment.”

Sotheby’s South Africa Managing Director Stephan Welz said the deal was arranged after the firm’s American owners became uncomfortable about the political situation. Terms were not disclosed.