After two months since the announcement by Sotheby's regarding the sale of a minority stake in the holding company ADQ, the auction house confirmed the completion of the deal.
ADQ, one of the largest holding companies in the UAE, is now the owner of 7% of Sotheby's shares, which allows it to strengthen its position in the global art market. Representatives of both companies expressed confidence in the fruitful partnership and plan to collaborate to achieve common goals.
"This strategic agreement gives us the opportunity to accelerate the growth of Sotheby's business and also to expand our presence in the Persian Gulf region," noted the representative of the auction house.
