Paddle8 and Auctionata last week announced their merger, and in so doing, became one of the top 10 auction houses outside of China, as well as the sector’s quickest-growing company. Paddle8 is the largest platform of its kind in the U.S., while Auctionata is the leading German platform. The two entities chart joint sales of over $150 million.
Paddle8 co-founder), EVP and CEO for the Americas; Christof Schminke, chief marketing officer; Alexander Gilkes (Paddle8 co-founder), EVP and chief innovation officer; Artashes Torosyan, chief technology officer; Jan Thiel, deputy CEO; Martin Heyne, chief auction officer
“This merger allows us to allocate greater resources toward innovating at every step of the collecting process, from online valuation services to post-sale fulfillment, and to expand our current offerings in terms of both categories and sales channels,” says Aditya Julka, co-founder of Paddle8.
Paddle 8, known for its timed auctions as well as private and charitable sales, specializes in contemporary art and design, while Auctionata sales are geared toward vintage luxury. Auctionata also has a livestream auction format, in addition to its online shop.
“Auctionata and Paddle8 uniting forces strengthens this growing segment of the market,” shares David Zwirner, art dealer and member of Paddle8’s board. “Globally, we are seeing a new era of collecting online. There is a desire and confidence to purchase from anywhere in the world at a moment’s notice, which benefits individual buyers and sellers alike.”
The deal’s financial terms were not disclosed. All of the two firms’ co-founders will remain in leadership roles, with Alexander Zacke, previously CEO of Auctionata, leading the global management team of the newly formed group.