ADQ to acquire minority stake in Sotheby’s

Abu Dhabi Media Office

ADQ, an Abu Dhabi-based investment and holding company, and Sotheby’s, the global leader in fine art and secondary market luxury, have signed a definitive agreement for ADQ to acquire a minority interest.

Under the terms of the agreement, ADQ will acquire newly issued shares of Sotheby’s to further strengthen its balance sheet and augment the company’s growth and innovation plans.

Bidfair, owned by Patrick Drahi, acquired Sotheby’s in 2019 marking its return to private ownership after 31 years, will also invest additional capital alongside ADQ and remain Sotheby’s majority owner. The total amount of investment is approximately $1 billion.

ADQ’s investment into Sotheby’s reflects its strategic commitment in pursuing value accretive investment opportunities that contribute to the economic diversification of Abu Dhabi.

This marquee investment will support Sotheby’s in delivering its growth agenda while accelerating its expansion into new markets, including establishing a more robust presence in Abu Dhabi as the emirate continues to strengthen its arts and culture offering domestically.

Established in 1744, Sotheby’s is a premier destination for art and luxury and a trusted global marketplace, with a network of specialists across 40 countries and covering 70 categories including Contemporary Art, Modern and Impressionist Art, Jewellery, Watches and Design.

"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. We look forward to creating new collaboration opportunities with Sotheby’s and being a part of its journey," said Hamad Al Hammadi, Deputy Group Chief Executive Officer of ADQ. 

Charles F. Stewart, CEO at Sotheby’s, added, "We are delighted to welcome ADQ as a shareholder to Sotheby’s. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth."

The investment agreement is subject to customary approvals and expected to close before the end of the year.

More from Business

  • UAE, Ukraine Presidents witness CEPA signing

    President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Volodymyr Zelenskyy, President of Ukraine, on Monday attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

  • New AED 25 hour event parking tariffs begin in Dubai

    Vehicle parking at major events in Dubai will be charged at AED 25 an hour coming into effect on Monday, parking company Parkin confirmed.

  • Abu Dhabi issues new endowment company rules

    Abu Dhabi Department of Economic Development (ADDED), in collaboration with The Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has issued a resolution on the establishment and licensing of endowment institutions in Abu Dhabi.

  • IDC 2025 discusses global disruptions, defence preparedness

    The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

  • Dubai Energy Council reviews carbon emissions progress

    Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.