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German Art Trading Platform @Artnet Takes Over NY's ArtList to Boost Online Auctions

German Art Trading Platform @Artnet Takes Over NY's ArtList to Boost Online Auctions

Art Basel, a British art appraisal company was set to sign a deal to acquire the New York-based start-up but [the deal] went awry on the very day that it was meant to be signed. The next day, all five of ArtList‘s employees were let go, and the company summarily moved their belongings out of their shared office space at 356 Bowery,” she said. The site was launched in January 2015 by the young, hip French trio of Kenneth Schlenker, Astrid de Maismont, and Maxime Germain. “It had roughly 50 users and an inventory of some 300 works that were sold in three categories—prints and editions, unique works selling for below $50,000, and unique works above $50,000. Currently, there are 9,000 users registered users on the site,” added Jovanovic. ArtList, not to be confused with the London based art information website Artlyst, is the reincarnation of the art events startup Gertrude founded in 2012 by Schlenker, a former product marketing manager at Google, who will join Artnet as the new Chief Marketing Officer. de Maismont will also join Artnet’s auction department. Artnet, formerly Centrox Corp, is a leading online resource for the international art market and a premier destination to buy, sell and research art online. The company was founded in 1989 by French collector Pierre Sernet. In the 1990s, German art dealer Hans Neuendorf started investing in the company, becoming its chairman in 1992 and CEO in 1995, at which time the company’s name was changed to Artnet Worldwide Corp. In 1998, it was taken over by Artnet AG. In 2012, the company ceased publication of its online magazines, and Neuendorf’s son Jacob Pabst became the company’s chief executive. The Artnet Fine Art and Design Price Database and the Artnet Decorative Art Price Database feature over 10 million auction sale results since 1985 from over 1400 international auction houses. Market values and long-term price developments of artworks can be researched online. Artnet online Gallery Network, consisting of more than 2,200 international galleries worldwide. Collectors are able to search by artist, movement and medium and can contact sellers directly. This service is free of charge for collectors, while galleries pay a monthly fee. Artnet AG has a current market capitalization of 16.3 million euros. “It was a natural choice to acquire ArtList as part of our ever evolving trajectory to push these boundaries and expand the possibilities in the international art market,” said Pabst. “It is yet another step to revolutionize the auction genre.” Artnet is leading the development of a streamlined approach to fine art sales in the secondary market. Artnet is known for being at the cutting edge of art and technology, garnering “the most online traffic by far of any company in the art sales domain,” the company says. “ArtList was founded with the goal to buy and sell art online directly from owner-to-owner, without dependence on the brick-and-mortar auction houses,” said Schlenker . “With artnet’s illustrious history and enormous strength in the industry, we will be able to take our goals to the next level, working on a much larger scale and capitalizing on the millions of people who use artnet each month.” Photo (L-R): Maxime Germain, Artlist head of product; Astrid de Maismont, head of sales; Kenneth Schlenker, CEO.]]>

Top Industrial Auctioneer Ritchie Bros $RBA to Acquire VC-Backed IronPlanet for $759M

Top Industrial Auctioneer Ritchie Bros $RBA to Acquire VC-Backed IronPlanet for $759M

Caterpillar said it plans to pursue strategic alternatives, including a possible divestiture for its room and pillar products, which serve a segment of underground soft rock mining customers, as part of a larger restructuring and cost reduction plan. “IronPlanet joining forces with Ritchie Bros. will allow the combined company to deliver a multi-channel marketplace that will provide a full range of equipment asset management and disposition solutions,” said Gregory J. Owens, chairman and chief executive of IronPlanet, who agreed to join the combined company’s executive committee upon closing. Ritchie Bros. said it has secured employment agreements with IronPlanet key executives. Collectively, Ritchie Bros. and IronPlanet (on a pro forma basis) sold more than $3 billion of assets through online transactions during the 12 months trailing June 30, 2016 – ranking the combined business among the world’s top 50 B2B e-commerce companies, based on value sold, according to Ritchie Bros. Ritchie Bros. intends to finance the transaction through a combination of cash on hand and new debt, and has bridge financing commitments from Goldman Sachs Bank USA subject to customary terms and conditions to facilitate the transaction close. Following the deal closing and the required financing, Ritchie Bros. is expected to have a net debt to EBITDA ratio of no more than 3.0x, it says. The deal was approved by the boards of directors of both companies and is expected to close by the first half of 2017, subject to regulatory clearances and other customary closing conditions. Goldman, Sachs & Co. is serving as financial advisor to Ritchie Bros. and Skadden, Arps, Slate, Meagher & Flom LLP and Dechert LLP are serving as legal advisors. J.P. Morgan Securities LLC is serving as financial advisor to IronPlanet and Orrick, Herrington & Sutcliffe LLP is serving as legal advisor. The Ritchie Brothers – How They Started And Prospered Over Six Decades Ritchie Bros. Auctioneers was established in Kelowna, B.C., Canada. The three Ritchie brothers – Ken, John and Dave Ritchie – took over the OK Used Furniture Store from their father in 1955. They entered the auction business in 1958 when they needed CA$2,000 to pay a bank debt on short notice. A friend suggested they conduct an auction to get rid of some surplus inventory from the furniture store. They conducted their first auction at the Scout Hall in Kelowna in 1958 and discovered a new way of doing business. Starting with that first auction at the Scout Hall, Ritchie Bros. maintained a strict policy of conducting unreserved auctions – meaning there were no minimum bids and no reserve prices. The brothers also established a policy of not allowing bid-ins or buybacks by the sellers. The brothers began conducting auctions more regularly and in 1958 incorporated Ritchie Bros. Auction Galleries Ltd. to formalize their new business. Ritchie Bros. began selling used equipment in the 1960s. In 1963 Dave Ritchie moved to Vancouver, B.C. and rented an auction site on S.E. Marine Drive. He set up the company’s first equipment auction in Vancouver shortly after. The Ritchie brothers conducted their first major unreserved industrial auction in Radium Hot Springs, British Columbia on June 7, 1963. They sold CA$663,000 of equipment in one day – by far the largest auction in the company’s history. The success of the Radium Hot Springs auction convinced the brothers that they could make more money auctioning used equipment than selling furniture, so they sold their furniture store in Kelowna and went into the auction business full-time. Photo: Ritchie Bros. Auction Site. Average auction sites are 60 acres in size and feature offices, an auction theatre and equipment refurbishing facilities, with over a dozen full-time employees and dozens more part-time staff during auction weeks.]]>