Two online auction sites that were formed to serve the higher-end market that eBay failed to fill will merge to form one global powerhouse. When Auctionata and Paddle8 unite, they will become one of the top 10 auction houses worldwide with 800,000 registered collectors.
On its Facebook page, Paddle8 posted, “Big news: We are excited to announce that Auctionata and Paddle8 unite to form the global online leader in art, collectibles and vintage luxury auctions. Together, we will build the online destination of choice for the 21st-century collector by providing the most comprehensive experience for purchasing art and luxury items online.”
Artnews said Auctionata has raised $88 million in equity capital to date, while Paddle8 has raised $44 million.
Auctionata cofounder Alexander Zacke will serve as CEO and Susanne Zacke will be chief marketplace officer. Zacke told Artnews the new entity would continue to use the two brands, but said which domain it would use going forward was “more tricky.”
As for eBay, it had shut down its Live Auctions platform at the end of 2008, but revived it in 2014, and hosts many high end houses including Sotheby’s.