Arts
Abu Dhabi Will Acquire a Minority Stake in Sotheby’s Auction House
The country’s sovereign wealth fund will invest the better part of $1 billion into the company.
Sotheby’s headquarters in New York.
Photographer: Cindy Ord/Getty Images North AmericaADQ, an Abu Dhabi sovereign wealth fund, has signed a definitive agreement to acquire a minority interest in Sotheby’s, the auction house announced. Its owner, the telecom billionaire Patrick Drahi, will also invest additional capital into the business.
Together, both investments amount to $1 billion. The bulk of the investment will come from ADQ, a Sotheby’s spokesperson confirmed. The spokesperson added that ADQ’s investment is in shares of the company that are newly issued, and that Drahi remains a majority shareholder.