Abu Dhabi’s ADQ to acquire minority stake in Sotheby’s
The investment will support Sotheby’s growth and expansion
Abu Dhabi: ADQ, an investment and holding company based in Abu Dhabi, and Sotheby’s, the global leader in fine art and luxury markets, have announced the signing of a definitive agreement for ADQ to acquire a minority stake in Sotheby’s.
As part of the agreement, ADQ will purchase newly issued shares in Sotheby’s, aiming to reduce the company’s leverage and support its growth and innovation plans. Patrick Drahi, who acquired Sotheby’s in 2019, will also invest additional capital alongside ADQ and will remain the majority owner. The total investment amounts to approximately $1 billion.
ADQ’s investment highlights its strategic focus on value-driven opportunities that contribute to the economic diversification of Abu Dhabi. This significant investment will bolster Sotheby’s growth strategy, enhance its expansion into new markets, and strengthen its presence in the Middle East, aligning with Abu Dhabi’s ongoing efforts to enrich its arts and culture sector.
Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ, commented, “We are thrilled to partner with Sotheby’s, a prestigious institution with a rich history. ADQ is committed to pursuing compelling investments that add value to Abu Dhabi. This investment demonstrates our confidence in Sotheby’s brand, its leading market position, and the capability of its management team to drive growth. We look forward to exploring new collaboration opportunities with Sotheby’s and supporting its journey forward.”
Charles F. Stewart, CEO of Sotheby’s, added, “We are excited to welcome ADQ as a shareholder in Sotheby’s. Their long-term vision aligns with our business goals, and this investment is a testament to our achievements and future potential. The additional capital and expertise will accelerate our strategic initiatives, enhance our commitment to excellence in the art and luxury markets, and enable us to better serve clients globally.”
The investment agreement is subject to customary approvals and is expected to be finalised by the end of the year.