- ADQ’s investment in Sotheby’s reflects its commitment to economic diversification in Abu Dhabi.
- The investment will support Sotheby’s growth and innovation plans, particularly in the Middle East.
- This strategic partnership will enable Sotheby’s to accelerate its growth agenda and expand its global reach.
Abu Dhabi’s investment and holding company ADQ has acquired a minority stake in Sotheby’s, the global leader in fine art and luxury goods. This significant investment, valued at approximately $1 billion, will see ADQ acquire newly issued shares of Sotheby’s.
The investment is designed to support Sotheby’s growth and innovation plans, with a particular focus on expanding its presence in the Middle East. This strategic move aligns with ADQ’s commitment to fostering economic diversification within Abu Dhabi.
Patrick Drahi, who acquired Sotheby’s in 2019, will remain the majority owner and will also invest additional capital alongside ADQ. This collaborative effort signals a shared vision for the future of Sotheby’s.
Hamad Al Hammadi, Deputy Group CEO of ADQ, highlighted the investment’s significance, stating, “ADQ remains committed to exploring compelling investment opportunities that drive value for Abu Dhabi. Our investment underscores our firm belief in the enduring value of Sotheby’s brand, market-leading platform and the ability of its management to execute on their growth agenda.”
Sotheby’s CEO Charles F. Stewart echoed this sentiment, expressing his delight at welcoming ADQ as a shareholder. He emphasised the investment’s role in accelerating Sotheby’s strategic initiatives, expanding its commitment to excellence in the art and luxury markets, and continuing to innovate to better serve clients worldwide.
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Last Updated on August 10, 2024 by Safiya K
