When it comes to opulence, art, wealth, and everything in between, no one can beat Middle Eastern royals. It only makes sense, then, for Abu Dhabi’s $1 trillion wealth fund ADQ to acquire a minority stake in Sotheby’s. A natural step that will advance the nation’s global presence in the arts and luxury sectors. The Qatar Investment Authority acquired Harrods, the iconic British department store, Saudi Arabia has secretly bought a stake in its arch-rival Selfridges, and now Abu Dhabi is going for the oldest and largest internationally recognized firm of fine art auctioneers in the world.
According to a press release, the Abu Dhabi-based investment firm has signed a definitive agreement with Sotheby’s, a global leader in fine art and luxury markets. Founded in 1744, Sotheby’s has been in business for over 280 years and has a global network of 80 offices.
In 2019, Sotheby’s was acquired by French telecom tycoon Patrick Drahi, who will invest additional capital alongside ADQ and remain the auction house’s majority owner. The total investment amounts to approximately $1 billion. Hamad Al-Hammadi, deputy group chief executive officer of ADQ, said, “We look forward to creating new collaboration opportunities with Sotheby’s and being a part of its journey.”
Commenting on the deal, Charles F. Stewart, CEO at Sotheby’s, said: “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.”
Sheikh Tahnoon bin Zayed Al Nahyan is the chairman of Abu Dhabi Developmental Holding Company (ADQ). The black-belt Sheikh from Abu Dhabi is the de facto business chief of the Al Nahyan family and manages more than a trillion dollars.
