In an unorthodox art market shake-up, Sotheby’s has acquired the boutique art advisory company Art Agency, Partners (AAP) for $85 million. The recent acquisition is Sotheby’s first major step toward revitalizing its steadily declining stock while boosting its revenue streams and increasing private sales. AAP will also lead a new fine-art division within Sotheby’s focused on expanding 20th-and 21st century art dealings. For more information on the massive deal, head to Artsy.
Sotheby’s $85M Acquisition of Art Agency, Partners