Abu Dhabi wealth fund ADQ will acquire a minority stake in Sotheby’s. The auction house's billionaire founder Patrick Drahi will also invest an additional capital into the business and the total investment will amount to $1 billion. ADQ, however did not reveal the value of investment.
"The investment reflects our strategic commitment in pursuing value accretive investment opportunities that contribute to the economic diversification of Abu Dhabi," ADQ said on X.
"This marquee investment will support Sotheby’s in delivering its ambitious growth agenda while accelerating its expansion into new markets," the wealth fund said.
French telecommunications billionaire Drahi acquired Sotheby’s in 2019 through his company Bidfair for $3.7 billion.
Hamad Al Hammadi, Deputy Group CEO of ADQ, said: “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."
Charles F. Stewart, CEO at Sotheby’s, said: "The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world."
