Riyadh – Sharikat Mubasher: Sotheby’s, the British-founded auctioneer, expressed willingness to expand its footprint in the Middle East region, especially in Saudi Arabia and the United Arab Emirates.

On the sidelines of the Abu Dhabi Finance Week 2024, Charles F. Stewart, Sotheby’s Chief Executive Officer, told Asharq Business that the $1 billion Sotheby’s secured from Abu Dhabi sovereign wealth fund ADQ and Patrick Drahi marked a turning point for the company, enabling it to invest in newer categories that are more attractive to the young audience.

Notably, Sotheby’s is owned by Moroccan-born billionaire Patrick Drahi. In August it signed a deal with Abu Dhabi sovereign wealth fund ADQ for both parties to inject a combined $1 billion into the company to support its expansion plans.

In addition, Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year. The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025, in the Unesco World Heritage site of Diriyah.

Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Sotheby’s promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce, and retail.