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Thread: Chinese Auction House

  1. 10-06-2016, 11:06 AM #1
    Richardnew
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    Chinese Auction House

    Did you know that RM/Sotheby's is now a Chinese company?

    Chen Dongsheng purchased a controlling interest in the firm. I assume that means he controls RM as well. Everyone is waiting to see what this means. Here's a Fortune article that try to make sense out of all this. It's not easy.


    Richard Newton
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  2. 10-06-2016, 04:35 PM #2
    Bill Simmeth
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    Quote Originally Posted by Richardnew View Post
    Did you know that RM/Sotheby's is now a Chinese company?

    Chen Dongsheng purchased a controlling interest in the firm.
    Quote Originally Posted by Fortune Article
    Chen Dongsheng...disclosed in July that he had become Sotheby’s biggest shareholder, with a 13.5% stake
    13.5% is not even close to being a controlling interest. So, no, RM is not now a Chinese company.
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  3. 10-06-2016, 04:59 PM #3
    Frank Beck
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    Confucius say: Tall tales may get attention but in the end lead to being called a butthead.
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  4. 10-06-2016, 05:37 PM #4
    mfitton
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    Dong is just positioning himself for when the Chinese market opens up, this is good news!
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  5. 10-07-2016, 03:03 AM #5
    Richardnew
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    Frank is tough.

    Richard
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  6. 10-07-2016, 04:06 AM #6
    Bill Simmeth
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    Quote Originally Posted by Richardnew View Post
    I assume that means he controls RM as well.
    With a little googling you land at the RM Wikipedia page which reports that Sotheby's purchased a 25% stake in RM. So even if someone bought 100% of Sotheby's, Rob Myer would still control RM (which by the way is a Canadian company).

    Said another way, Dong now owns a little over 3% of the RM/Sotheby house.
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