UAE $196 Billion Sovereign Wealth Fund Abu Dhabi ADQ to Buy Minority Stake in Luxury Auction House Sotheby’s for $1 Billion via New Shares Issuance, France Billionaire Patrick Drahi Who Bought Sotheby’s in 2019 for $3.7 Billion Will Also Invest Additional Capital & Remains as Majority Owner, Sotheby’s Founded in London in 1744
15th August 2024 | Hong Kong
United Arab Emirates (UAE) sovereign wealth fund Abu Dhabi ADQ with $196 billion AUM (Assets under Management) has announced to buy a minority stake in luxury auction house Sotheby’s for $1 billion via new share issuance. France billionaire Patrick Drahi, who had bought Sotheby’s in 2019 for $3.7 billion will also invest additional capital & remains as majority owner. Sotheby’s was founded in London in 1744.
“ UAE $196 Billion Sovereign Wealth Fund Abu Dhabi ADQ to Buy Minority Stake in Luxury Auction House Sotheby’s for $1 Billion via New Shares Issuance, France Billionaire Patrick Drahi Who Bought Sotheby’s in 2019 for $3.7 Billion Will Also Invest Additional Capital & Remains as Majority Owner, Sotheby’s Founded in London in 1744 “
Hamad Al Hammadi, Deputy Group CEO of ADQ: “We are delighted to partner with Sotheby’s, a distinguished institution with a storied heritage. ADQ remains committed to exploring compelling investment opportunities that drive value for Abu Dhabi. 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.”
Charles Stewart, CEO at Sotheby’s: “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 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.”
UAE $196 Billion Sovereign Wealth Fund Abu Dhabi ADQ to Buy Minority Stake in Luxury Auction House Sotheby’s for $1 Billion via New Shares Issuance, France Billionaire Patrick Drahi Who Bought Sotheby’s in 2019 for $3.7 Billion Will Also Invest Additional Capital & Remains as Majority Owner, Sotheby’s Founded in London in 1744
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
