Sotheby's Closes $1 Billion Investment From Abu Dhabi's ADQ
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Sotheby's
CONFIRMED89% CONFIDENCEThe 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
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