Leaning on luxury goods, Sotheby's launches auction week in Abu Dhabi

Sotheby's has incorporated in Abu Dhabi and will stage its first auction week there in December in partnership with the Abu Dhabi Investment Office (ADIO). ADQ acquired a minority stake in Sotheby's in October 2024 with a $1bn cash injection largely used to reduce the auction house's debt. Events will focus on high-end cars, jewellery and watches targeted at ultra-high-net-worth individuals, beginning with an auction in October and culminating in Abu Dhabi Collectors' Week from 2-5 December alongside the Abu Dhabi Grand Prix. All events will be hosted at The St. Regis Saadiyat Island Resort, while the Dubai office continues normal operations. The move is positioned as a strategic effort to engage the region's cultural and luxury market and deepen partnerships with local institutions and collectors.

Following its foray into Saudi Arabia in February, this December Sotheby's will hold its first auction week in Abu Dhabi in partnership with the Abu Dhabi Investment Office (ADIO), a government entity aimed at attracting foreign investment and diversifying the emirate's oil-centred economy. The move comes a year after Abu Dhabi's sovereign wealth fund, ADQ, acquired a minority stake in Sotheby's in October 2024 with a $1bn cash investment, a sum largely used to pay down the auction house's enormous debt.

With a heavy focus on luxury goods—specifically the fast and the shiniest—the auctions, events and exhibitions will offer an eclectic mix of cars, jewellery and watches aimed at the region's ultra-high net worth individuals. The first auction will take place in October, with events running up until the "Abu Dhabi Collectors' Week" from 2-5 December, coinciding with the Abu Dhabi Grand Prix. All Sotheby's events will be held at The St. Regis Saadiyat Island Resort.

Jean-Luc Berrebi, who is a Sotheby's board member focused on expanding collaboration with the UAE, says in a statement that this incorporation and forthcoming events are a "strategic move" that reflect the company's "deep confidence in the region's dynamic cultural landscape and our growing partnerships with its visionary leaders, collectors, and institutions'. Katia Nounou Boueiz, the head of Sotheby's UAE and deputy chairman, Middle East, says in a statement that Abu Dhabi "has become a leading global destination for culture and luxury."

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