Auctionata and Paddle8 merged, bringing together 800,000 registered users and $150 million in joint annual sales, aiming to grow the global mid-market for art, collectibles and vintage luxury items.
Barnebys launched in Hong Kong to gain entry to the Chinese art market, where there is a potential 20 million Chinese buyers and 25 million Chinese sellers.
Artprice developed its own Art Market Blockchain with the goal of lowering transaction costs and replacing catalogue raisonnés. Through its data, Artprice’s Blockchain can trace artworks, particularly those that have been lost or stolen.
The ArtAttack app provides a social network which allows users to view, buy and sell artwork. The app focuses on emerging artists to provide young artists with a platform to sell their works.
Rise Art bought the Irish curated sales platform Artfetch for an undisclosed sum. Artfetch brings Rise Art over 70 international artists to add to their selection.
Artsy has partnered with auction houses Phillips and Koller to provide live bidding services. This was the first time Artsy users were able to bid in live auctions, and provides access to auctions for Artsy’s community of global collectors.
Lauritz.com launched its listing and public offering of shares on Nasdaq First North (LAUR).
Wydr launched an online platform designed for mobile devices that gives users suggestions on artwork, based on accumulated likes/dislikes. The app targets first-time buyers at the lower-end of the market, and provides emerging artists with new buyers.
ArtList, a platform for online secondary market sales, which allowed vendors to sell their artworks anonymously, ceased operations due to a lack of sales.
The Magnus app was removed from the Apple Store due to complaints regarding copyright.
The Other Art Fair was acquired by Demand Media, owner of Saatchi Art, to offer buyers the chance to buy art both online and offline. Both the fair and the online gallery provide buyers with a chance to discover emerging artists, unifying two important sectors of the art market.
Online auction marketplace Invaluable appointed Bill Ruprecht as its Chairman of Advisory Board, who will be joined by Contemporary dealer Paul Kasmin in early 2017.
Sotheby’s acquired Mei Moses Art Indices, the auctions sales database with 45,000 repeat sales, providing an index of art prices over time. Sotheby’s intends to use the database to provide their clients with information personalised to their collections.
American art and antiques collector Stephen Smith invested $1.5 million in the auction and e-commerce platform Bidsquare for website development and to increase their international presence in the art world.
The launch of the TEFAF Digital Excellence Programme powered by Invaluable is targeted at helping dealers to grow their businesses using digital tools. The programme aims to provide a cost effective way for dealers to be able to grow their online presence and reach new buyers whilst emphasising the high quality of their works.
Twyla raised $14 million in new funding led by GV, to bring total funding raised to $19 million. The company creates exclusive prints by collaborating with contemporary artists, which it then sells online in limited editions priced between $1,000 and $5,000.
Online auction database and auctioneer Artnet acquired Tutela Capital. Dr. Fabian Bocart, cofounder of Tutela Capital, will head Artnet Analytics and hopes to provide accessible information to would-be buyers.
Auction Mobility, the mobile and online auction software, announced the acquisition of Lofty.com, the online marketplace for fine and decorative art.
MutualArt.com and The Artist Pension Trust merged to form the MutualArt Group which facilitates art sales by combining MutualArt.com’s website and 500,000 members with The Artist Pension Trust’s collection of 13,000 artworks by over 2,000 different artists.
Artfinder, an online art marketplace, secured $2.2 million of funding to improve its visual search technology and for US expansion. The investors include Oxford Capital, Wellington Partners, Cambridge Angels and entrepreneur William Tunstall-Pedoe.
Venture capital company NextStage AM invested €2 million into French auction house Hôtel Drouot to launch Drouot Digital, an online platform to sell art live. The move also brings Expertissim, also funded by NextStage AM, into the partnership, and will combine Drouot Live’s 120,000 members with Expertissim’s 80,000 members and network of experts.
Artnet acquired the intellectual property of online secondary market sales company ArtList, along with two out of three of the founders. ArtList ran from January 2015 to July 2016, and will now help Artnet expand its private sales online.
Frédéric Jousset, the cofounder of Webhelp and owner of Beaux Arts magazine, purchased 30% of Artsper for €2 million. The investment will be used by the online gallery for international development and to double its staff.
Auctionata announced it will cease operations. Paddle8 and ValueMyStuff have been spun out, and will now operate as independent companies.