"Arnault was dying to buy Sotheby's last year, but he basically didn't offer Alfred enough money," says a source close to Taubman. "Alfred's position was, 'It's not for sale, but for the right price it could be.' "
If Arnault succeeds this time around, however, the 50-year-old Frenchman may triumph in his goal of overtaking his longtime business archrival, the 63-year-old François Pinault. Former pals, the two are now said to despise each other. Each has a net worth in the billions and a fierce desire to rout his foe's ambitions for dominance of the luxury market.
Last year, the two French titans fought an ugly and expensive duel for control of Gucci, the ultimate fashion accessory of the late nineties. Still seeking revenge, Arnault beat Pinault after another drawn-out fight in February by gaining control of Etude Tajan, France's leading auction house, which he is expected to merge with Phillips in a tactical maneuver to trump Christie's chances in the soon-to-expand French market. This spring, the French government has pledged to rescind the 450-year-old national monopoly that has prevented non-French houses from operating there.
In addition to his predatory ardor for the world's leading auction houses, Arnault has also been accruing substantial stakes in online auction sites, including eBay, QXL, and I-collector, and has made no secret of his desire to take Phillips and Tajan online. Should he succeed in adding Sotheby's to his lineup of acquisitions, he would clearly be in a strong position to overtake Christie's.
When confronted with the widespread assumption that Taubman will have to sell his stake, Michael Sovern of Sotheby's responds casually. "Not necessarily," he says. "I think that's going to depend on his judgment of his own needs. And I think he believes that we have first-rate management and an absolutely terrific franchise. So it is possible for Mr. Taubman to simply capitalize on his investment."
And when asked about rumors that the Feds will soon let the auction house know its fate, Sovern demurs. He's been told nothing but adds brightly, "If you hear from the Justice Department, will you please let us know?"
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