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Auctionata

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Auctionata AG
Company typeAG
IndustryOnline auction
Founded2012
Headquarters
Berlin
,
Germany
Key people
Alexander Zacke, Georg Untersalmberger, Jan Thiel, Susanne Zacke, Christof Schminke
Number of employees
approx. 120 (as of June 2013 excl. experts)
Websitehttps://auctionata.com

Auctionata is an online auction house and eCommerce company specializing in art, antiques and collectibles. Headquartered in Berlin and with U.S. offices headquartered in New York City, Auctionata operates a network of 250 experts who value, authenticate, and curate art objects.[1] Since opening in February 2012, Auctionata has evaluated and verified over 21,000 pieces of art.[2] Notably, Auctionata's experts discovered a watercolor by Egon Schiele, which was valued at a starting price of $1.3 million (€1 million).[3]

History

Auctionata was founded in 2012 by Alexander Zacke and Georg Untersalmberger with investment capital provided by the Georg von Holtzbrinck publishing group and the Otto Group.[4] The online shop was launched in September 2012,[5] and Auctionata's first auction was held in December 2012.[6]

On 22 May 2013, Auctionata announced a strategic partnership with Chrono24, a large specialty marketplace for luxury watches. This partnership includes 52 auctions over the next few years.[7]

In February 2013, Auctionata successfully secured $20.2 million through investment firms Earlybird, Bright Capital, Kite Ventures, as well as with previous funders Holtzbrinck Ventures, eVenture Capital Partners, and the Raffay Group.[8]

In March 2015 Auctionata raised €42 million ($45 million) in a Series C round of funding from a group investors led by Polish private equity fund MCI Management SA.[9]

Technology of live auctions

Prior to every auction, Auctionata provides information for all items to be auctioned on its website. The auction itself is held in a TV-studio, and is streamed live on the internet. The auctions are led by a licensed auctioneer and bids are accepted by phone, online, by absentee bid, as well as from the studio floor. Auctionata uses a system developed and patented by its founders, Zacke and Untersalmberger, allowing it to transmit the live video stream from the auction in real time and without delay.[10] According to the founder, Alexander Zacke, the technology of live auctions primarily was developed to compete with multinational auction houses, including Christie's and Sotheby's.[11] Since potential bidders no longer have to physically attend the auctions, Auctionata's online auctions have been criticized for not promoting the same aura as may be found in traditional auction houses.[12]

Notable auctions

In December 2012, Auctionata auctioned off the painting "Roses II", which is attributed to Oskar Kokoschka. Though the painting had been sold to the Bremen tobacco entrepreneur Wolfgang Ritter for 80,000 deutschmarks in 1966 (approx. €151,469 / $204,679 taking into account inflation), and Kokoschka himself wrote a handwritten note of authenticity for the painting, the painting's authenticity was now being questioned by the Oskar Kokoschka Foundation. The painting eventually sold for only $9,975 (€7,500), presumably because Auctionata published the Foundation's critique immediately upon receiving it.[13]

Auctionata also auctioned off a newly discovered watercolor by Egon Schiele. Schiele's painting "Reclining Woman" had been left undiscovered and, according to the former owner, was nearly going to be "dumped in the garbage".[14] The starting price was $1.3 million (€1 million) and bidding closed at $2.4 million (€1,827,250). The "Reclining Woman" is therefore the highest grossing piece of fine art sold at an online auction, beating a work from Andy Warhol's "Flowers" series ($1.3 million).[15]

In June 2013, Auctionata conducted the auctioning of a 1953 Patek Philippe Reference 2499 wristwatch. The auction was participated in globally and the watch eventually sold for $611,000 (€470,000).[16]

Also in June 2013, Carl Moll's 1905 "Villa in Vienna" was auctioned for $386,000 (€288,000). This constitutes the highest price ever paid for a Moll painting at auction.[17][18]

Awards

At the 2012 Digital Life Design conference Auctionata was awarded the Digital Star Award as one of the most promising German internet start-ups.[19]

References

  1. ^ Strauss, Karsten. "Online Auctions Hit The Big Time: Breaking The $1.3 Million Andy Warhol Record". Forbes. Retrieved 19 September 2013.
  2. ^ Wilkinson, Julia. "New Funding and an Egon Schiele: Excitement at Auctionata". AuctionBytes Blog. EcommerceBytes. Retrieved 19 September 2013.
  3. ^ "Auctionata: Sensationeller Schiele-Fund". Handelsblatt (in German). 10 March 2013. Retrieved 19 September 2013.
  4. ^ Krisch, Jochen. "Auctionata setzt mit Holtzbrinck und Otto auf Live-Auktionen". Exciting Commerce (in German). Retrieved 19 September 2013.
  5. ^ Krisch, Jochen. "Auctionata bringt vorab schon mal seinen Shop online". Exciting Commerce (in German). Retrieved 19 September 2013.
  6. ^ Krisch, Jochen. "Auctionata freut sich über 345.000 € bei der Live-Premiere". Exciting Commerce (in German). Retrieved 19 September 2013.
  7. ^ "Uhrenauktionen online: Chrono24 und Auctionata schließen Allianz". FocusOnline (in German). 22 May 2013. Retrieved 19 September 2013.
  8. ^ Wauters, Robin. "Online auction house Auctionata wins $20.2m from Earlybird, Kite and others". TheNextWeb.com. Retrieved 26 September 2013.
  9. ^ "Auctionata Raises $45M To Build Out Its Live-Streamed Auction Business". Retrieved April 1, 2015.
  10. ^ "Computer System for the Exchange of Messages". WIPO Patent Application WO/2012/159665. SumoBrain. Retrieved 19 September 2013.
  11. ^ Strauss, Karsten (15 April 2013). "Disrupting The World's Great Auction Houses". Forbes. Retrieved 19 September 2013.
  12. ^ Karich, Swantje (15 July 2013). "Online-Auktionshaus "Auctionata": Die digitale Wende erreicht die Kunst". Frankfurter Allgemeine Zeitung (in German). Retrieved 24 September 2013.
  13. ^ Kronsteiner, Olga (6 December 2012). "Auctionata: Kalkulierter Aufreger". Handelsblatt (in German). Retrieved 19 September 2013.
  14. ^ Ruthe, Ingeborg (6 March 2013). "Auktion: Millionenbild im Altpapier". Berliner Zeitung (in German). Retrieved 19 September 2013.
  15. ^ Strauss, Karsten (15 April 2013). "Disrupting The World's Great Auction Houses". Forbes. Retrieved 19 September 2013.
  16. ^ Mulraney, Tom. "Patek Philippe Ref. 2499 Sells Online For A Record US$621k!". The Watch Lounge. Retrieved 24 September 2013.
  17. ^ Karich, Swantje (15 July 2013). "Online-Auktionshaus "Auctionata": Die digitale Wende erreicht die Kunst". Frankfurter Allgemeine Zeitung (in German). Retrieved 24 September 2013.
  18. ^ ArtNet.com. "Carl Moll". Retrieved 24 September 2013.
  19. ^ "Digital Star Perspective: Auctionata "Den Kunsthandel online bringen"". Focus Online (in German). 17 January 2013. Retrieved 19 September 2013.
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