Abu Dhabis Sovereign Wealth Fund To Acquire Minority Stake In Sothebys

Abu Dhabi's Sovereign Wealth Fund Acquires Minority Stake in Sotheby's

Landmark Deal Strengthens Sotheby's Financial Position

Strategic partnership to bolster Sotheby's global presence

Abu Dhabi, August 9, 2024 - Abu Dhabi's sovereign wealth fund, ADQ, has signed an agreement to acquire a minority stake in the renowned auction house Sotheby's. The deal, valued at $1 billion, will further strengthen Sotheby's financial position and enhance its global presence.

ADQ's investment is part of a larger capital raise by Sotheby's, which will also see majority owner Patrick Drahi, who acquired the company in 2019, inject additional capital. The funds will be used to support Sotheby's growth strategy, including investments in technology, digital innovation, and its global network of salesrooms and galleries.

The partnership between ADQ and Sotheby's is expected to create significant opportunities for both organizations. ADQ's deep understanding of the Middle Eastern market and its global investment portfolio will provide Sotheby's with access to a growing and influential audience. In turn, Sotheby's expertise in the art market and its prestigious brand will enhance ADQ's cultural investments.

The deal is subject to customary closing conditions and regulatory approvals. It is expected to be completed in the coming months.