Bloomberg’s Scott Reyburn reveals that Sotheby’s is expanding its private selling facilities. This time its going to be in London:
The company has taken an undisclosed amount of space in a five-story block at 31 George Street, opposite the back entrance of its New Bond Street auction rooms, the company said in an e- mail. A person with knowledge of the matter had told Bloomberg News that it would open a retail space in the U.K. capital.
The 1980s steel and brick building, incorporating a ground floor gallery, will be dedicated to hosting private selling exhibitions, Sotheby’s confirmed today. Billionaires often prefer buying big-ticket items through unpublicized private sales rather than in the glare of competitive public auctions.