Paddle8

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Paddle8 is an online auction house selling fine art and collectibles across the Internet. Founded in 2011 by Alexander Gilkes and Aditya Julka, Paddle8 conducts themed or curated sales of works consigned by owners worldwide, as well as benefit auctions in collaboration with non-profits.[1] Paddle8 has offices in New York and Los Angeles, and will open an office in London in fall 2013.[2]

History[edit]

Paddle8 was founded in May 2011 by Alexander Gilkes (a former LVMH executive and the chief auctioneer at Phillips auction house) and Aditya Julka (a serial entrepreneur and Harvard Business School Baker Scholar). 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 and collectible, from design to fine jewelry, through an online auction platform. Since its founding, Paddle8 has partnered with non-profits worldwide, from the Los Angeles County Museum of Art to the Brooklyn Academy of Music and the Royal Academy, to present benefit auctions online in support of the institutions. By June 2013, Paddle8 had presented more than 150 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[edit]

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[edit]

Curated Auctions[edit]

Paddle8’s curated auctions are developed under thematic guidelines, with works sourced by Paddle8's in-house team of specialists, experienced veterans from Christie's, Gagosian Gallery, and Phillips. Past themed auctions have been curated by Interview Magazine, as well as notable cultural figures, and have featured works by many of the masters of the twentieth century.

Benefit Auctions[edit]

Paddle8’s Benefit division runs auctions for non-profit institutions in a fully virtual capacity or as a pre-selling collaboration prior to a live auction. The company has presented over 150 benefit auctions since the start of its platform in 2011.[12]

Archiv8[edit]

In spring of 2013, the company launched a cloud-based inventory management system called Archiv8. The product is aimed at facilitating the management of inventory, and includes an iPad application and shipping calculator.[13]

References[edit]

  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. 
  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. 
  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. 
  12. ^ Post (2012-12-13). "An Art Auction Site Tries a Charity Model - WSJ.com". Online.wsj.com. Retrieved 2013-06-27. 
  13. ^ "Cloud-based inventory and collection management software". Archiv8. Retrieved 2013-06-27.