Page:2020-07-29 PSI Staff Report - The Art Industry and U.S. Policies that Undermine Sanctions.pdf/46

 complete and accurate information regarding the company's valuation and background of the company's proposed sale to affiliates of Mr. Drahi. In that suit, the shareholders claimed Sotheby's filed materially misleading disclosures with the SEC. Sotheby's stated in response that, "the vast majority of all public company mergers over $100 million are the subject of shareholder litigation [and] the lawsuits filed were expected and routine." These cases were subsequently dismissed or settled around 2019.

2. Christie's

Christie's was founded by James Christie in London in 1766. Early in the company's history, Christie's benefited from the instability caused by the French Revolution as many French pieces of art made their way to the British market. In 1824, Christie's gained additional notoriety with the opening of the National Gallery in London, which featured numerous pieces purchased from Christie's. In 1977, Christie's entered the U.S. market, opening a salesroom in New York. Today, Christie's has salerooms in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zurich, Hong Kong, and Shanghai. Each year, the company holds roughly 350 auctions in over 80 categories, including jewelry, fine arts, photographs, and wine. Notable Christie's auctions include Elizabeth Taylor's jewelry collection, George Washington's personal copy of the U.S. Constitution and Bill of Rights, and the $450 million sale of Leonardo da Vinci's Salvator Mundi. In addition to public auctions, Christie's represents clients in private sales. In 2005, Christie's entered the digital market allowing potential buyers to bid online through Christie's Live.