{"id":571,"date":"2024-08-12T16:57:07","date_gmt":"2024-08-12T16:57:07","guid":{"rendered":"https:\/\/www.honarbaan.com\/En\/news\/?p=571"},"modified":"2024-08-12T16:57:07","modified_gmt":"2024-08-12T16:57:07","slug":"abu-dhabi-sovereign-wealth-fund-to-acquire-minority-stake-in-sothebys-in-1-billion-investment-deal","status":"publish","type":"post","link":"https:\/\/www.honarbaan.com\/En\/news\/?p=571","title":{"rendered":"Abu Dhabi Sovereign Wealth Fund to Acquire Minority Stake in Sotheby\u2019s in $1 Billion Investment\u00a0Deal"},"content":{"rendered":"\n

ADQ, an\u00a0Abu Dhabi-based sovereign wealth fund, investment, and holding company, has entered into \u201ca definitive agreement\u201d to acquire a minority interest in Sotheby\u2019s. The deal, valued at around $1 billion, will see ADQ purchasing newly issued shares of Sotheby\u2019s. Patrick Drahi, the current majority owner of the auction house, will invest additional capital. The exact breakdown of the investment was not disclosed.<\/p>\n\n\n\n

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According to a press release, the capital infusion from the investment reflects Sotheby\u2019s interest in the burgeoning economic diversification of the Abu Dhabi region. It\u2019s likely that some of the funds will be earmarked for strengthening Sotheby\u2019s\u00a0finances\u00a0and supporting the company\u2019s ambitious and\u00a0real estate expansion\u00a0plans.<\/p>\n\n\n\n

Earlier this year, the auction house announced a\u00a0radical new fee structure.\u00a0\u00a0It also announced new retail-minded locations such as the recently opened Maison in central Hong Kong, a new building on Rue de Faubourg in Paris set to open in October, and the iconic Breuer Building in New York, which is scheduled for completion in 2025.<\/p>\n\n\n\n

\u201cThe 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,\u201d Sotheby\u2019s CEO Charles Stewart said in a press release.<\/p>\n\n\n\n

ADQ is a prominent sovereign wealth fund based in Abu Dhabi, United Arab Emirates.  It was established in 2018 as Abu Dhabi Developmental Holding Company (ADDH) and rebranded to ADQ in 2020. The partnership marks ADQ\u2019s first venture into the cultural sector, reflecting its strategy of diversification and its commitment to bolstering arts and culture domestically. The involvement of ADQ, a major Middle Eastern player, is expected to further solidify Sotheby\u2019s presence in the region, which is one of the fastest-growing markets for art and luxury.<\/p>\n\n\n\n

The transaction is anticipated to close by the end of the year, pending regulatory approvals. <\/p>\n\n\n\n

Source ARTnews<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

ADQ, an\u00a0Abu Dhabi-based sovereign wealth fund, investment, and holding company, has entered into \u201ca definitive agreement\u201d to acquire a minority interest in Sotheby\u2019s. The deal, […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[126,10,11,12],"class_list":["post-571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-art-news","tag-honarbaan","tag-honarbaan-apadana","tag-honarban"],"_links":{"self":[{"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/posts\/571"}],"collection":[{"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=571"}],"version-history":[{"count":1,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/posts\/571\/revisions"}],"predecessor-version":[{"id":573,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/posts\/571\/revisions\/573"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=\/wp\/v2\/media\/572"}],"wp:attachment":[{"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.honarbaan.com\/En\/news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}