ADQ to acquire minority stake in Sotheby’s

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.

.@Adq_Official has signed a definitive agreement to invest approximately US$1 billion in acquiring a minority stake in @Sothebys, with Sotheby’s current shareholder, reflecting ADQ’s commitment in pursuing value accretive investment opportunities to Abu Dhabi. pic.twitter.com/5vEBpWb5ER

— مكتب أبوظبي الإعلامي (@ADMediaOffice) August 9, 2024