Following the conclusion of preliminary insolvency proceedings, online auction house Auctionata Paddle8 AG will cease its German operations under the Auctionata brand as sufficient funds for maintaining the going concern were not found.
As a result, Christian von Brockdorff, the preliminary insolvency administrator, agreed with the preliminary creditor committee to begin the closing of the business and the liquidation of its assets in the context of formal proceedings beginning March 1.
Restructuring CEO Thomas Hesse, who took over his position from former founder Alexander Zacke in the Fall of 2016, and his team, sold the subsidiaries Paddle8 in the US and Value-my-Stuff in the UK which will continue to operate.
The German company’s approximately 170 employees have been informed about these developments and 30/40 people will remain inside the company to support the cloing process.
Hess is now ending his work while the team around Brockdorff is evaluating additional opportunities for selling partial business assets of the company.
Backed by German Startups Group, Bright Capital, e.ventures, Earlybird Ventures, Hearst Ventures, Holtzbrinck Ventures, Kite Ventures, Kreos Capital, MCI Management, Raffay Group, REN Invest, TA Ventures, and Yuan Capital, Auctionata used technology to broadcast live arts auctions in HD quality to computers, tablets and mobile devices. and leveraged a global network of experts to provide free valuation for art, antiques, collectibles and luxury vintage items.