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This is an old revision of this page, as edited by Sgoulet86 (talk | contribs) at 17:58, 6 October 2015 (Added Osman Khan as co-founder (formerly COO and founding partner, he is now recognized as a co-founder); eliminated section on Archiv8, as is no longer a public-facing tool; added Ellen DeGeneres as a Paddle8 auction curator following Sep. 2015 auction). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Paddle8 is an online auction house selling fine art, design, collectibles, and jewelry. Founded in 2011 by Alexander Gilkes, Aditya Julka, and Osman Khan, Paddle8 makes it simple for collectors worldwide to buy and sell at auction. Paddle8's sales focus on pieces priced between $1,000 and $100,000, all vetted by specialists.[1] Paddle8 has offices in New York, Los Angeles, and London.[2]

History

Paddle8 was founded in May 2011 by Alexander Gilkes (a former LVMH executive and the chief auctioneer at Phillips auction house), Aditya Julka (a serial entrepreneur and Harvard Business School Baker Scholar), and Osman Khan (a banker with experience at Goldman Sachs and Perella Weinberg Partners and an MBA fromHarvard Business School). Initially created as a broad platform for presenting exhibitions of contemporary art online, in 2012 Paddle8 refined its business model to focus solely on auctions. Today, Paddle8 connects buyers and sellers of fine art, design, collectibles, jewelry, and watches through an online auction platform and free iPhone app. In 2014, Paddle8 sold more than $36.8 million worth of art, a 146% gain over the previous year.

Since its founding, Paddle8 has also partnered with over 300 non-profit organizations worldwide, from the Los Angeles County Museum of Art to the Brooklyn Academy of Music and the Guggenheim, to present their benefit auctions online, dramatically expanding their audience of supporters by tapping into Paddle8's community of 500,000 collectors. By January 2015, Paddle8 had presented more than 500 benefit auctions.

In 2012, Paddle8 acquired online auction platform Blacklots.[3] In May 2013, Paddle8 acquired an option to purchase a stake in Artnet[4]

In June 2013, it was announced that Princess Eugenie would be working at Paddle8 in the fall.[5]

Funding

Paddle8 is backed by leaders from across the art, luxury, media, and tech industries. Paddle8's $4-million Series A round was led by Founder Collective [6][7] and Mousse Partners.[8][9]

In June, 2013, Paddle8 announced $6 million in funding from new investors, including artist Damien Hirst, Alexander von Fürstenberg, Russian mogul Vladimir Yevtushenkov, Matthew Mellon, and Jay Jopling, owner of White Cube.[2][10][11]

Auction Process

Auctions

Paddle8’s auctions focus on works of art, design, jewelry, watches, and collectibles priced between $1,000 and $100,000. Works are sourced by Paddle8's in-house team of specialists, experienced veterans from Christie's, Gagosian Gallery, and Phillips. In addition to regular auctions of art and design, Paddle8 presents auctions curated by notable cultural figures, including Grace Coddington, Tory Burch, Tracey Emin, Ellen DeGeneres, Damien Hirst, Christophe de Menil, and Interview Magazine.

Benefit Auctions

Paddle8 also partners with non-profit institutions to host their benefit auctions online, opening up their fundraising prospects to Paddle8's global community of collectors. As of January 2015, Paddle8 had raised more than $33 million for non-profit organizations around the world.[12]

References

  1. ^ "Paddle8 | CrunchBase Profile". Crunchbase.com. 2012-02-08. Retrieved 2013-06-27.
  2. ^ a b Kinsella, Eileen (2013-06-06). "Paddle8 Nets $6 Million From Team of Investors Including Damien Hirst". Blouin Artinfo. Retrieved 2013-06-27.
  3. ^ "Overtime: Nov 26 – Dec 2 « Arrested Motion". Arrestedmotion.com. 2012-12-02. Retrieved 2013-06-27.
  4. ^ Paddle8's co-founders Aditya Julka and Alexander Gilkes (2013-05-20). "Paddle8 moves to buy stake in Artnet". The Art Newspaper. Retrieved 2013-06-27.{{cite web}}: CS1 maint: numeric names: authors list (link)
  5. ^ Richard Kay (2013-06-21). "Independent Princess Eugenie goes it alone with auction house job in the U.S. | Mail Online". Dailymail.co.uk. Retrieved 2013-06-27.
  6. ^ Wednesday, February 8th, 2012 (2012-02-08). "Founder Collective Makes A $4 Million Bet On Paddle8′s Online Marketplace For Fine Art". TechCrunch. Retrieved 2013-06-27.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  7. ^ "Paddle8 raises $4M series A led by Founder Collective to bring fine art online". VentureBeat. 2012-04-27. Retrieved 2013-06-27.
  8. ^ Ferro, Shane (2013-04-04). "Art Site Auctionata Nabs $20.2 Million in Venture Capital, Is Selling a Schiele". Blouin Artinfo. Retrieved 2013-06-27.
  9. ^ "Art collectors buying more online". Telegraph. Retrieved 2013-06-27.
  10. ^ Kolodny, Lora. "With Damien Hirst Backing, Paddle8 Aims to Do for Fine Art What StubHub Does for Tickets - Wall Street Journal - WSJ.com". Stream.wsj.com. Retrieved 2013-06-27.
  11. ^ Friday, June 14th, 2013 (2013-06-14). "With Big-Name Backing And Some eBay Flavor, These Startups Are Looking To Shake Up The Art Market". TechCrunch. Retrieved 2013-06-27.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  12. ^ "An Art Auction Site Tries a Charity Model - WSJ.com". Online.wsj.com. 2012-12-13. Retrieved 2013-06-27.
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