Going forward, we believe Sotheby's Australia is well-positioned to invest in and to grow the business in a way that is most appropriate within the territory of Australia and New Zealand

Sotheby's and First East Auction Holdings Pty Limited (FEAL)  recently announced that FEAL has entered into an agreement to acquire Sotheby's Australia Pty Ltd (Sotheby's Australia). As part of this transaction, Sotheby's has agreed to licence the brand name Sotheby's Australia for use in  Australia and New Zealand to Sotheby's Australia. The transaction is expected to close later this year and is subject to the expiration of some existing arrangements and satisfaction of certain conditions.  
 
'Sotheby's had been reviewing its regional salesrooms around the world and we were in the process of evaluating our operations in Australia when FEAL independently came to us and made an attractive offer to acquire Sotheby's Australia,' said Daryl Wickstrom, Executive Vice President of Sotheby's. 'FEAL understands the value and prestige associated with the Sotheby's brand, is committed to the same principles that  guide Sotheby's and has agreed to operate the business in a manner that is consistent with  Sotheby's own standards.

'Additionally, it has achieved an integrated business model that would enable the Sotheby's brand in Australia to be appropriately positioned at the top of the market. Sotheby's current operation in Australia, under the excellent leadership of Justin Miller and Lesley Alway, has been a successful and important part of our global business. Going forward, we believe Sotheby's Australia is well-positioned to invest in and to grow the business in a way that is most appropriate within the territory of Australia and New Zealand.'