Sotheby’s Sells Off Its S. Africa Auction Unit
From Reuters
JOHANNESBURG, South Africa —
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.
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