ADQ Acquires Minority Stake in Sotheby's with $1 Billion Investment

Abu Dhabi's sovereign wealth fund ADQ is acquiring a minority stake in Sotheby's, with majority owner Patrick Drahi also injecting additional capital, resulting in a combined $1 billion investment. The Franco-Israeli entrepreneur has controlled the auction house since 2019. Sotheby's operates across 40 countries through 80 locations, handling art, antiques, real estate, wine, watches, and other luxury assets. In 2023, the company reported $7.9 billion in gross sales, a slight decline from the record $8 billion achieved in 2022. Despite this performance, S&P Global Ratings downgraded Sotheby's credit rating from B to B minus in June 2023. ADQ's portfolio, valued at $157 billion according to 2022 estimates from Global SWF, includes Etihad Airways, majority stakes in LuLu Group, and significant holdings in Louis Dreyfus Company.