Christie's did not disclose the identity of the bidder. However, some City sources suggested the management might have been interested. Meanwhile, there has been long running speculation that the Bahamas-based investor Joe Lewis, who holds a 29 per cent stake in Christie's, may be interested in making an offer for the remainder. At yesterday's closing price Christie's would be valued at pounds 390m.
Mr Lewis, a reclusive entrepreneur has built a reputation as a canny investor. He bought a 25 per cent stake in Glasgow Rangers, the Scottish football club, earlier this year.
Christie's has had a good run recently. Last year its auction house sales of just over pounds 1bn were higher than Sotheby's for the first time in 40 years. In July it announced half-year sales of pounds 557m, a rise of 15 per cent.Reuse content