Sotheby’s to sell rare watches, racing cars, real estate in UAE

Sotheby’s, the venerable auction house owned in part by sovereign wealth fund ADQ, is coming to Abu Dhabi in December.

Up for sale will be a collection of jewelry, rare watches, real estate and racing cars, Sotheby’s announced today.

Auctions will take place from Dec. 2 to Dec. 5 during the same week as the Formula One Grand Prix in Abu Dhabi.

Meanwhile, Patrick Drahi, the French telecom magnate who acquired Sotheby’s in 2019 and sold a $1 billion stake to ADQ last year, is the subject this week of a profile in the New Yorker.

Dubai’s opulent Palazzo Versace up for sale, with $163 million starting price

Palazzo Versace Dubai, one of the most luxurious hotels in the UAE, is hitting the auction block with a starting price of $163 million, a figure significantly lower than its previous valuation of $380 million, after its owner ran into financial trouble.

Among the interested buyers is Swiss-Italian banker Christopher Aleo, who is planning a bold move through his New York-listed iSwiss Hedge Fund to bring in global investors.

More than just a real estate deal, this could mark a symbolic return of the opulent property to Italian hands, with Aleo aiming to blend luxury, heritage, and innovation in a refreshed vision for the hotel.

If it goes through, the acquisition could become one of 2025’s most talked-about deals in global hospitality and finance.

The hotel spans 130,000 square meters and features 215 rooms and suites, 169 private residences, and eight upscale restaurants and lounges along the shores of Dubai Creek.