Auctionata and Paddle8 announced today that they are joining forces to create the global leader in online art, collectibles and vintage luxury. The joint company will immediately become one of the top 10 auction houses worldwide outside of China and the fastest growing company in the sector. Paddle8 and Auctionata share a vision of being the destination of choice for the 21st century collector as well as art dealers. Auctionata has already established a presence in Europe as the leading German auction platform. In the U.S., Paddle8 is the largest online auction platform and has strong brand recognition as a marketplace for art and luxury collectibles.
“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,” said Alexander Zacke, CEO of Auctionata.
Stefan Heilmann, Managing Director at IEG – Investment Banking Group states: “The merger of
Auctionata and Paddle8 represents one of the pioneering transactions of this decade. The active consolidation of the online auctioning market is a crucial milestone for Auctionata and Paddle8 on their path to becoming the leading global online marketplace in the art sector.”
IEG – Investment Banking Group acted as exclusive financial advisor to the Auctionata management as well as the advisory board.