In October, Sotheby’s announced that it had secured a $1 billion investment from ADQ, a sovereign wealth fund operated by Abu Dhabi’s government. Part of the arrangement stipulates that the auction house’s board would be reconfigured into a nine-person group, with three seats for managers associated with the Emirati fund. At the time, it was unclear how the board would be reconfigured. It meant that for the first time, financial authorities in the Middle East would have a significant presence in how the heritage company was run. This marked a shift in the makeup of its highest levels of management, positions which have historically been held by money managers and lawyers based in Western countries. In UK regulatory disclosures filed shortly after the announcement, Sotheby’s legal department said that H.E. Mohamed Hassan Alsuwaidi, the Minister of Investment Managing Director & CEO of ADQ, was one of the newly appointed directors to join the global auction house’s board. Alsuwaid...
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