Sotheby's Closes $1 Billion Investment From Abu Dhabi's ADQ
Breuer Building, 945, Madison Avenue, Upper East Side, Manhattan, New York County, New York, 10021, United States
Sotheby's
CONFIRMEDDate confidence: CONFIRMEDStated as firmHow firmly the source words the date: confirmed, scheduled, estimated, delayed or unverified.Show all CONFIRMED pins89% CONFIDENCEOverall confidence: 89%How well the pin's source and references back up its dates.Weighted average of how firmly 2 references, the source included, support the pin's start and end times; a reference counts half as much for every 180 days older than the newestShow all pins at 75% confidence or betterThe Art Newspaper's[1] story carries an update stating 'On 30 October 2024, Sotheby's confirmed that this deal had successfully closed', after having reported the transaction as 'expected to close before the end of the year' when announced on 9 August 2024.
Abu Dhabi sovereign wealth fund ADQ completed a deal to buy newly issued Sotheby's shares alongside fresh capital from majority owner Patrick Drahi, together about $1 billion, mostly used to cut the auction house's debt.
$1B
1.00
