Auctionata and Paddle8 announced today that they are joining forces to create the leading online auction house for art, collectibles and vintage luxury. The joint company will immediately become one of the top 10 auction houses worldwide outside of China.
Paddle8 and Auctionata share a vision of being the destination of choice for the 21st century collector as well as art dealers. Founded in 2012, Auctionata has already established a presence in Europe as one of the leading auction platforms in Germany. In the U.S., Paddle8 is the largest online auction platform for art and luxury collectibles. With joint sales above $150 million and nearly 800,000 registered users, the united company will be a dominant player for art and luxury collectibles in the “most important” markets globally.
Alexander Zacke, the CEO of Auctionata stated: “Auctionata and Paddle8 combine complementary business models which will mutually benefit each other in their respective markets. Our ability to innovate at a faster pace and develop new technologies and services is a great opportunity to further increase growth. The reciprocal nature of our business, coupled with our shared desire to grow the culture of collecting in a transparent and efficient manner made this partnership a very easy decision.”
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.
Financial terms of the deal were not disclosed. 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 $88 million in equity capital with notable investors including Earlybird, Kite Ventures, MCI Management, Hearst Ventures and Groupe Arnault. Paddle8, meanwhile, has raised a total of $44 million with an array of investors from across the business, tech and art sectors including Founder Collective, Mousse Partners and Skate Capital, as well as art-world insiders like David Zwirner, Damien Hirst and Jay Jopling.