New York, Jun 17 (EFE).- Sotheby's auction house has been bought by BidFair USA, owned by art collector Patrick Drahi, for $3.7 billion, it was announced on Monday. After the transaction auctioneers will stop trading after 31 years in the New York market, where the value of its securities soared by 57.64% almost one hour after the opening of the session. The sale, which is subject to approval by the authorities and partners, is expected to close in the last quarter of this year and shareholders will receive $57 in cash for each share. “This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment,” said CEO of the firm, Tad Smith. He described Drahi as “one of the most well-regarded entrepreneurs in the world.” “Patrick founded and leads some of the most successful telecommunications, media and digital companies in the world,” he added. “He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees.” Drahi is the founder of the multinational telecommunications company Altice and owner of other companies such as Suddenlink, Cablevision or Cheddar. The French-Israeli billionaire, 55, said in a press release that the investment would be made through a personal holding with “a very long-term perspective” and that he fully trusts the current management at the auction house and does not intend to make any changes to the company’s strategy. “As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family,” he added. Domenico De Sole, Chairman of Sotheby's Board of Directors, said: “Following a comprehensive review, the board enthusiastically supports Mr Drahi's offer, which delivers a significant premium to market for our shareholders. “After more than 30 years as a public company, the time is right for Sotheby's to return to private ownership to continue on a path of growth and success.” The auction house, which has its headquarters in New York, registered a turnover of $1 billion and a net profit of $108.6 million in 2018, according to its latest report to US authorities. EFE nqs/rb/jt -- EPA-EFE Multimedia Desk, Madrid +34 913 467 493