With new funding, Paddle8 acquires option to purchase stake in Artnet, expands into design and collectibles, and opens offices in L.A.
Paddle8 have announced $6MM of funding from leaders in the art, media, luxury, and tech sectors, reinforcing the company’s position as the “auction house of the twenty-first century”. New investors include Damien Hirst, members of the Mellon family, Alexander von Furstenberg, Jay Jopling, and Hikari Yokoyama.
Since its founding in 2011, Paddle8 has refined its business model to become a niche online marketplace for art and collectibles, focusing exclusively on online auctions. Paddle8 presents two types of sales: themed auctions specializing in works of art up to $100,000, and benefit auctions (partnering with more than 140 non-profit organizations worldwide, from the Royal Academy to Los Angeles County Museum of Art). In 2012, Paddle8’s auctions generated $10MM in bids; it surpassed that figure for 2013 by April.
With this infusion of capital, Paddle8 will continue to invest in new technology and also will expand beyond contemporary art into the realm of collectibles, from eclectic design to fine jewelry. Paddle8 recently opened an office in Los Angeles and will open in London in the fall.
“I’m excited by how the Internet can improve people’s access to art, and Paddle8 has found a winning formula. They deliver a truly brilliant and stylish auction platform that is simple and accessible to all, and I’m delighted to be part of it,”
said Damien Hirst.
Paddle8’s founding team is comprised of co-founders Alexander Gilkes (LVMH veteran and Chief Auctioneer at Phillips) and Aditya Julka (serial entrepreneur and Harvard Business School Baker Scholar), and COO Osman Khan (Perella Weinberg and Harvard Business School).
“I am fascinated by the increasing importance of eclectic collecting as a way for individuals to define themselves. Now, with the support of so many revered art, business and luxury innovators, Paddle8 is well-positioned to service this trend and continue to galvanize its reputation as the online auction house for art and collectibles across a range of niche areas,”
Read FADs Interview with Alexander Gilkes HERE