International auction house Sotheby’s today (October 30th 2024) confirmed its investment of $1b from Abu Dhabi-based sovereign wealth fund ADQ. A statement from Charles F. Stewart, Chief Executive Officer, Sotheby’s, read:
“We are delighted to announce that we’ve just closed our $1 billion investment from the Abu Dhabi-based sovereign wealth fund ADQ, who joins us as a minority shareholder alongside majority owner Patrick Drahi.
“This represents the largest investment in the global art industry in many years – and provides strong strategic positioning in the Middle East. The financing will accelerate our innovation and growth from the past five years, which has been marked by:
- An unmatched global gallery network in premier locations that will welcome millions of visitors per year around the world.
- Diversifying our business beyond auction to better serve our buyers’ and sellers’ needs, including private sales and exhibitions in our new galleries, retail activities in our Salons, the Sotheby’s Sealed private auction platform, our online marketplace, and our lending business Sotheby’s Financial Services.
- Growing our audience with new sales categories (automobiles, homes, trading cards, sports memorabilia, fashion, pop culture), new geographies, and new activities such as our recently relaunched Sotheby’s Magazine.
- Our commitment to exceptional client experiences including immersive offsite auctions — from a Harlem church to a California junkyard to a Swiss wine cave — and unforgettable exhibitions.
“We are optimistic and excited about the future. In the first half of 2024 alone, we exceeded $3 billion in sales and hammered more than 26,000 lots across 285 auctions with bidding from 129 countries. Our second half will be even stronger. We now have more bidders per lot and higher sell-through rates than at any time in the past decade. And our private sales division and Sotheby’s Financial Services are both on pace for record years.
“Auction bidding remains robust. Earlier this month, the first evening sale in our new Paris headquarters, Surrealism and its Legacy, was 100% sold at an aggregate price above the high estimate. Our Ansel Adams sale in New York was also 100% sold, achieving 41 new records along the way – and in London, more than half the lots in our recent Arts of the Islamic World & India sale exceeded their high estimates.
“We still have more than 100 sales between now and the end of the year. These include the first Modern & Contemporary Evening Auction in our new Hong Kong Maison, plus The Luxury Sales in Geneva, and of course The New York Sales featuring the very best in Modern, Impressionist, and Contemporary Art.
“In the coming days, we will complete our acquisition of the iconic Breuer building in New York, which previously housed three of NYC’s most important museums. The Breuer will reopen to the public as our flagship gallery next year, complete with a full slate of programming – and yes, there will be a restaurant.
“Considering our strong performance, our magnificent spaces, and our unrivaled offerings, there’s truly never been a better time to experience Sotheby’s. Wherever you are in the world, we invite you to join us this autumn – and beyond – to explore “another world” of art, luxury, and culture.”
Charles F. Stewart
Chief Executive Officer, Sotheby’s
@charlesfstewart
See also: TEFAF Announces 2025 Exhibitors