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Noortman and Sotheby's to merge

Sotheby's has acquired Noortman, the leading Dutch dealers in Old Master, Impressionist and Post-Impressionist paintings. Sotheby's will acquire all the assets of Noortman Master Paintings, consisting mainly of art inventory, receivables and the gallery premises.

The auctioneers will acquire Noortman for approximately $56.5 million (£30.3 million approx.) to be paid in Sotheby's shares. Sotheby's will also assume approximately $26 million in debt. The eventual purchase price will depend on performance over the next five years. Robert Noortman will stay on at the gallery in Maastricht as Managing Director and if performance targets are met, an additional 500,000 shares will be released as additional consideration. There may also be a reduction in the purchase price if certain performance criteria are not met.

The transaction makes Robert Noortman a significant shareholder in Sotheby's, with approximately 3.2% of the company's shares. He will also join Sotheby's International Advisory Board.

Last week, Bill Ruprecht, President and Chief Executive Officer of Sotheby's, said that Mr. Noortman would continue to buy, sell and advise on high quality paintings, mainly in the Old Master, Impressionist and Post-Impressionist fields. "He will operate independently from our auction business, yet draw on the resources that this transaction will provide", he told us. "We expect that our revenues in these important markets will be significantly enhanced as a result." He said that Robert Noortman had approached Sotheby's earlier in the year to discuss a possible transaction, and that Sotheby's appreciated the potential of Noortman's business. He added that the use of Sotheby's shares as the form of payment was "consistent with the rationale behind our recapitalisation last year which will better enable us to grow our business and enhance shareholder value."

Robert Noortman opened his first gallery in Holland in 1968 and in 1975, was a founder member of Pictura, the forerunner of the TEFAF Maastricht fair. He was Chairman of TEFAF for 10 years, and President for two years. Commenting on the merger, he described it as "an extraordinary opportunity to develop and expand my business at a time when I am ready for new challenges". The merger will allow Sotheby's to benefit from the undoubted expertise of Noortman, while Noortman will benefit from Sotheby's capital resources and financial services.

Historic Kick-off

One of the earliest known paintings depicting a game of football is to go under the hammer in Edinburgh this summer. The painting, entitled The Village Ba'Game (pictured) and painted crica 1830 by the Scottish artist Alexander Carse (c. 1770-1843) is expected to make £30,000 to £50,000 at Bonhams' Scottish Sale on 25th August. It is very similar to another Carse picture belonging to a Dundee art gallery, which is currently on tour at the World Cup in Germany.

Carse embraced the themes of the 17th century Dutch artists and depicted "the poetry of common life" - simple social gatherings, village fairs, tavern scenes and sporting events. He spent time in the Scottish borders, where he would have witnessed events like the one depicted. The history of football is an increasingly popular subject, World Cup notwithstanding, and the auctioneers tell us they expect strong and competitive bidding.