High-end auction house Sotheby's plans to host a series of premium sales events in Abu Dhabi this December.

Sotheby's, the renowned global auction house, is set to make a major strategic move with the announcement of its first luxury auctions in Abu Dhabi. These auctions, known as Abu Dhabi Collectors' Week, will take place at the St. Regis Saadiyat Island Resort from December 3 to 5.

The move is part of Sotheby's strategy to evolve into a globally recognized luxury brand beyond the art world. The house's global head, Josh Pullan, stated that this is a significant moment for Sotheby's and the expansion of their global footprint.

In late 2021, Sotheby's received a $1 billion cash injection from the Abu Dhabi-based sovereign wealth fund ADQ. This investment, led by Patrick Drahi, has not only helped clear Sotheby's debt but also positioned it for a more robust future.

Saadiyat Island, the home of the Louvre Abu Dhabi, the soon-to-open Guggenheim Abu Dhabi, and the Zayed National Museum, will serve as the backdrop for these high-end auctions. The partnership for these events is with the Abu Dhabi Investment Office (ADIO).

The auctions will include sales of cars, watches, jewelry, real estate, and art. Highlights include the largest fancy vivid orangy pink diamond ever graded, known as The Desert Rose, with an estimate of $5 million to $7 million. A rare Rolex "Oyster Albino" Daytona watch, produced in the late 1960s and early '70s, will also be offered, with an estimate of $500,000 to $1 million.

The top car in the sale is a 2017 Pagani Zonda 760 Riviera, with an estimate of $9.5 million-$10.5 million. The art exhibition will feature works from Old Masters to contemporary artists.

CEO Charles Stewart is pushing to transform Sotheby's into a leading luxury brand, and the auctions in Abu Dhabi are a significant step towards achieving this goal. Katia Nounou Boueiz, Sotheby's head of UAE and deputy chairman for the Middle East, stated that Abu Dhabi has become a leading global destination for culture and luxury.

Noora Al Foulathi, head of Abu Dhabi Retail, reaffirmed the city's cultural depth with the exclusive global debut of Collectors' Week in the capital. The auctions are taking place during a busy week in the region, including the Abu Dhabi Grand Prix, the Milken Institute Middle East and Africa Summit, Abu Dhabi Finance Week, and Bitcoin MENA.

Sotheby's first foray into the Middle East was holding the kingdom's first international auction in Saudi Arabia in February. With the success of these auctions, Sotheby's luxury sales topped $2 billion in 2024, accounting for about a third of its $6 billion total.

The auctions in Abu Dhabi mark a tilt towards the Middle East, aiming to tap into the region's booming luxury market, which grew 6 percent last year to nearly $13 billion, according to a report from Dubai-based retailer and distributor Chalhoub Group. The auctions are set to redefine the luxury market in the region and establish Abu Dhabi as a global hub for culture and luxury.

High-end auction house Sotheby's plans to host a series of premium sales events in Abu Dhabi this December.