ADQ Acquires Minority Stake in Sotheby’s
Abu Dhabi’s sovereign wealth fund, ADQ, has reached an agreement with Patrick Drahi, the French-Israeli telecoms tycoon and owner of Sotheby’s, to acquire a minority stake in the renowned auction house. Estimated at around $1 billion and expected to close by the end of the year, the transaction involves ADQ purchasing newly issued shares of […]
The New Generation of Art Patrons: Young, Wealthy Americans Drive Art Market
According to a recent Bank of America report, Millennial and Gen Z millionaires maintain more diversified investment portfolios compared to older generations, displaying a strong preference for alternative investments. Over 80% of young millionaires view art as a promising asset class. The survey was conducted with 1,007 individuals in the US, aged 20-45, with investable […]
Art Market Insights 2024: Online Sales Surge
The Art Market Report 2024 by Art Basel & UBS revealed an expansion in global online sales in 2023, growing by 7% to ~$11.8 billion. This resurgence nearly doubled the size of the online art market compared to 2019, bolstering the enduring significance of the digital channel. Overall sales went down in 2023, decreasing by […]
