PAUL Roberts, the vice-chairman of Edinburgh-based Lyon & Turnbull, is acquiring a controlling interest in the oldest auction house in the US, Freeman’s of Philadelphia.
Mr Roberts, who is one of several big shareholders in venerable auctioneer Lyon & Turnbull, will be joined in his US deal by Freeman’s current management team of Hanna Dougher, who is chief operating officer, and Scots-born Alasdair Nichol, who is vice-chairman of the Philadelphia auction house.
The Freeman family will maintain a minority interest in the Philadelphia auctioneer, which was established in 1805. And Beau Freeman will continue as chairman of the board of directors.
Mr Roberts has been president of Freeman’s, and has divided his time between the UK and the US.
Prior to the current deal, he did not have a stake in the US auction house.
For the last 16 years, Freeman’s has had an alliance with Lyon & Turnbull.
Freeman’s specialises in areas including fine arts, antiques, jewellery, books and manuscripts, Asian arts, and 20th and 21st- century design.
The Freeman family has run the auction house since it was founded more than 210 years ago.
The transaction includes the transfer of the Freeman’s location at 1808 Chestnut Street, Philadelphia., from which the company will continue to operate.
Beau Freeman said: “We have held the proud distinction of being a family-owned and operated business for six generations, which is unheard of in today’s age.
“Passing Freeman’s on to Hanna, Alasdair, and Paul, who have led the business for the past 16 years, feels as though we are keeping the business in the family and I am confident they are the right team to continue to lead the company into the future.”
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