Snapchat wants to change the way we consume art

Photo: Snapchat

For the second year in a row, Snapchat has chosen to showcase its innovation at the Cannes Lions International Festival of Creativity through an art exhibit, rather than a flashy stunt like the branded Ferris wheel it constructed at the festival in 2017.

Why it matters: Snapchat wants to elevate its brand by proving its technology can make the world a better place. It's doing that by investing in art collaborations around the world, showing ways that art can be redefined through augmented reality (AR).

Sotheby's gets a new owner

Exterior of Sotheby's auction house building.
Photo: Michael Nagle/Getty Images

Sotheby's is being sold. French-Israeli cable mogul Patrick Drahi is paying $3.7 billion for the auction house, which is 60% more than it was worth on the public markets at the close of trade on Friday.

Why it matters: Under private ownership, Sotheby's might be better able to compete with archrival Christie's. Drahi won't stop at $3.7 billion in his attempt to equalize the two houses.