Dealer Robert Noortman Dies; Gallery Was Acquired by Sotheby's Last Year

The eminent Maastricht-based old masters, Impressionist and Post-Impressionist dealer, Robert Noortman, died of a heart attack at the age of 60, the ANP news agency reported on Sunday. He had been suffering from cancer.

On June 8, Sotheby's had released this announcement of its acquisition of Noortman's gallery:

Through the transaction, Sotheby's will acquire all the assets of Noortman Master Paintings, which consist principally of art inventory, receivables and the gallery premises.

Sotheby's will acquire 100% of Noortman's outstanding shares in exchange for Sotheby's shares with an initial consideration worth approximately $56.5 million (EUR44 million) or 1.95 million shares at a price of $29.01 per share, as well as the assumption [by Sotheby's] of approximately $26 million in [Noortman Master Paintings'] debt....With this transaction, Mr. Noortman has become a significant shareholder in Sotheby's with approximately 3.2% of Sotheby's shares. He will also join Sotheby's International Advisory Board.

At that time, Noortman commented:

This is an extraordinary opportunity to develop and expand my business at a time when I am ready for new challenges. I have been thinking about the long term future of my company for some time, and believe in Sotheby's both as the premier international art auction house and also in their transparency as a public company.

No word yet on what Noortman's death may mean for his gallery or for Sotheby's.