30 October 2024: In a landmark development, Sotheby’s has secured a $1 billion investment from Abu Dhabi’s sovereign wealth fund ADQ, making it the largest industry investment in years. This substantial financial backing positions ADQ as a minority shareholder alongside Patrick Drahi, Sotheby’s primary owner. The funds are expected to bolster Sotheby’s strategic ambitions, focusing on expanding its presence and influence in the Middle East.
This funding will accelerate several key initiatives, including broadening Sotheby’s offerings and enhancing its presence through an unparalleled global gallery network that welcomes millions of visitors each year. Moving beyond traditional auctions, Sotheby’s has diversified its services to include private sales, exhibitions, luxury retail, and a robust digital marketplace. The company has recently broadened its categories to appeal to a broader audience, including new areas like luxury automobiles, fashion, and pop culture collectables.
The investment also follows significant growth for Sotheby’s in 2024, with over $3 billion in sales during the first half of the year across 285 auctions, achieving record results and drawing bidders from 129 countries. Sotheby’s private sales division and lending services are both on track to reach new heights this year as well.
Sotheby’s continues to redefine art spaces, as seen in its newly launched Paris headquarters, where its first evening sale, “Surrealism and its Legacy,” achieved a complete sell-through rate and outperformed estimates. Meanwhile, Sotheby’s is set to transform New York’s Breuer Building—a former museum space on Madison Avenue—into its new flagship gallery, slated to open in 2025 with expanded programming and public access.
This remarkable momentum is expected to continue with Sotheby’s packed calendar for the second half of the year, including high-profile auctions in Geneva, Hong Kong, and New York, as well as the much-anticipated “A Legacy of Beauty” sale from the Sydell Miller collection.
With this unprecedented financial backing and an expanding portfolio, Sotheby’s is poised to further enhance its position as a global leader in art, luxury, and culture. As the firm’s CEO noted, it is “more committed than ever” to offering collectors around the world immersive and innovative experiences in the art world.
Sotheby’s, one of the world’s oldest and most prestigious auction houses, was founded in London in 1744 by Samuel Baker. Initially focused on selling books and manuscripts, Sotheby’s expanded its range to fine art and collectibles by the mid-19th century as it established itself as a leader in the art market. In 1917, Sotheby’s acquired Wilkinson’s, a prominent auctioneer of fine art and antiques, and gradually shifted its focus to paintings and decorative arts.
The company continued to grow throughout the 20th century, opening its New York branch in 1955, which allowed Sotheby’s to tap into the booming American art market. In 1964, it became the first international auction house to list on the London Stock Exchange, marking a new era of financial expansion. Sotheby’s cemented its reputation as a major player in art sales by orchestrating groundbreaking auctions, such as the record-breaking sale of Van Gogh’s Irises in 1987 for nearly $54 million.
In the 21st century, Sotheby’s has diversified its services, adding private sales, online auctions, and a robust lending business through Sotheby’s Financial Services. In 2019, French telecom magnate Patrick Drahi acquired Sotheby’s, taking the company private once again. Today, Sotheby’s operates globally, hosting high-profile auctions in New York, London, Paris, Hong Kong, and Geneva, and remains at the forefront of both traditional and contemporary art markets, expanding into areas like luxury cars, fashion, and NFTs.
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