Sotheby's is one of the most prestigious auction companies in existence. And now, Abu Dhabi is their newest partner.
What’s happening:
- Abu Dhabi’s wealth fund ADQ is purchasing a minority ownership stake in iconic auction house Sotheby's
Why it matters:
- Abu Dhabi has been ramping up their exposure to both the private and public markets, notably having one of the largest Bitcoin mining companies in the world previously listed on the Abu Dhabi Securities Exchange in a massively oversubscribed IPO
Going deeper:
- Sotheby’s owner Patrick Drahi will also commit new funding to Sotheby’s alongside of Abu Dhabi’s wealth fund ADQ recent infusion of capital
- Saudi Arabia has also been making a flurry of new venture capital bets recently, going after everything from electric vehicles to quantum computers
The intrigue:
- Sotheby’s has continued to stay on the leading edge of innovation, notably generating record breaking revenue from digital assets including NFTs
