Online art auction platforms Auctionata (Germany) and Paddle8 (USA) have merged.
The financial terms of the deal were not disclosed.
The joint company will immediately become one of the top 10 auction houses worldwide outside of China with joint sales above $150M and nearly 800,000 registered users. Together, Paddle8 and Auctionata will grow the global mid-market in this space, for objects up to $500K, which is still underserved.
The joint company will offer a more extensive and diversified inventory as Paddle8’s sales are oriented mostly toward contemporary art and design, while Auctionata specializes in vintage luxury.
The merger brings together an established leadership team with all co-founders remaining in strategic and operational roles integral to the company’s future
growth. Alexander Zacke, previously CEO of Auctionata, will lead the global management team of the newly formed group.
Both the Paddle8 and Auctionata brand names will continue on as the two companies fuse together.
Additionally, all investors from both Paddle8 and Auctionata will remain involved. To date, Auctionata has raised $88m in equity capital with investors including Earlybird, Kite Ventures, MCI Management, Hearst Ventures and Groupe Arnault.
Paddle8 has raised a total of $44M from Founder Collective, Mousse Partners and Skate Capital, as well as art-world insiders like David Zwirner, Damien Hirst and Jay Jopling.
FinSMEs
13/05/2016