Abu Dhabi Will Buy Stake in Sotheby's

Abu Dhabi’s Wealth Fund, ADQ, will take minority stake in Sotheby's

Under the terms of the agreement, ADQ will acquire newly issued shares of Sotheby’s.

The owner of the auction house, billionaire Patrick Drahi, will also invest additional capital in the business. 

– Total Investment – $1 billion.

– Goal – to reduce leverage and support the growth and innovation plans of Sotheby’s.

The deal will contribute to diversifying Abu Dhabi's economy, strengthening emirate's position in the fields of culture and art.