RIYADH: Abu Dhabi’s wealth fund ADQ is set to acquire a minority stake in Sotheby’s, reflecting its commitment to enhancing its global presence in the arts and luxury sectors. According to a press release, the Abu Dhabi-based investment firm has signed a definitive agreement with Sotheby’s, a global leader in fine art and luxury markets. Patrick Drahi, who acquired Sotheby’s in 2019, will invest additional capital alongside ADQ and remain the auction house’s majority owner. The total investment amounts to approximately $1 billion. ADQ’s investment into Sotheby’s underscores its strategic goal of pursuing value-accretive investment opportunities that contribute to Abu Dhabi’s economic diversification. As a strategic partner of Abu Dhabi’s government, ADQ supports the Emirate’s transformation into a competitive, knowledge-based economy. This move will support Sotheby’s in executing its ambitious growth agenda and expanding into new markets, including reinforcing its presence in the Middle East as Abu Dhabi continues to develop its arts and culture sector. Hamad Al-Hammadi, deputy group chief executive officer of ADQ, said: “ADQ remains committed to exploring compelling investment opportunities that drive value for Abu Dhabi. Our investment underscores our firm belief in the enduring value of Sotheby’s brand, market leading platform and the ability of its management to execute on their growth agenda.” He added: “We look forward to creating new collaboration opportunities with Sotheby’s and being a part of its journey.” Under the agreement, ADQ will acquire newly issued shares of Sotheby’s to help reduce the company’s leverage and support its growth and innovation plans. Commenting on the deal, Charles F. Stewart, CEO at Sotheby’s, said: “We are delighted to welcome ADQ as a shareholder to Sotheby’s. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth. The additional capital and investment expertise will enable us to accelerate our strategic initiatives.” The investment agreement is pending customary approvals and is expected to close by the end of the year. Founded in 1744, Sotheby’s facilitates access to and ownership of art and luxury items through auctions, private sales, e-commerce, and retail channels.