Abu Dhabi’s Cultural Power Play From the Museums, to Auction Houses, to Art Fairs

Last week, when Sotheby’s finally closed its deal with the Abu Dhabi–based sovereign wealth fund ADQ for a $1 billion cash injection, the sense of relief was palpable. The investment will not only go a long way toward helping the debt-laden auction house clear the red out of its ledger, but also perhaps help position Sotheby’s for a more robust future. CEO Charles Stewart has been pushing to evolve Sotheby’s into a globally-recognized luxury brand beyond the art world. Maybe…