Home » Art News » Currently Reading:

Paddle8 have secured $6 million of extra funding

June 7, 2013 Art News No Comments

Paddle8 Cofounders 1024x556 Paddle8 have secured $6 million of extra funding
Alex and Aditya

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.

 Paddle8 have secured $6 million of extra funding

“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,”

said Gilkes.

Read FADs Interview with Alexander Gilkes HERE

PinExt Paddle8 have secured $6 million of extra funding

FAD NEWS

ART NEWS: Your Very own Jeff Koons Balloon Dog made in China .

July 30, 2014

ART NEWS: Your Very own Jeff Koons Balloon Dog made in China .

ArtNet has a report on how easy it now is to order your very own reproduction of a Jeff Koons Ballon Dog from China :

ARTIST OPPORTUNITY: Street Art Contest for Childish Gambino’s upcoming London show.

July 29, 2014

ARTIST OPPORTUNITY:  Street Art Contest for Childish Gambino’s upcoming London show.

Talenthouse, in conjunction with Glassnote and Island Records, is looking for a bold, eye-catching, single colour stencil design that can be quickly and easily replicated in public places.

ART NEWS: Plans unveiled for a NEW ART Gallery @GoldsmithsUoL

July 29, 2014

ART NEWS: Plans unveiled for a NEW ART Gallery @GoldsmithsUoL

The New gallery will run a programme of exhibitions, projects and residencies by leading artists and curators from the UK and abroad.

ART NEWS:Turner Prize Winning Artist Jeremy Deller Launches App To Mark WW1 CENTENARY

July 28, 2014

ART NEWS:Turner Prize Winning Artist Jeremy Deller Launches App To Mark WW1 CENTENARY

“LIGHTS OUT: Jeremy Deller” is a new, free app by the Turner Prize winning artist as part of 14-18 NOW

ART NEWS: NEW Art Gallery for London

July 28, 2014

ART NEWS:  NEW Art Gallery for London

Former Haunch of Venison London directors Ben Tufnell and Matt Watkins launch a new gallery, Parafin, in Woodstock Street, Mayfair, in September 2014. They are joined by the founder of London gallery Master Piper, Nicholas Rhodes.

ART NEWS: Eddie Peake + Gwilym Gold Muscle – Limited edition on Hymn/The Vinyl Factory

July 28, 2014

ART NEWS:  Eddie Peake + Gwilym Gold Muscle – Limited edition on Hymn/The Vinyl Factory

Muscle is the new single from Gwilym Gold, and the first release on HYMN, a new record label founded by Eddie Peake in collaboration with The Vinyl Factory.

WATCH: FABIO LATTANZI ANTINORI #PostDigitalWeekend @DegreeArt

July 26, 2014

WATCH: FABIO LATTANZI ANTINORI #PostDigitalWeekend @DegreeArt

FAD DAILY

FAD DAILY

To receive daily news on Art Openings, Art Opportunities, Competitions and much more just give us your email below - Its that EASY

ADVERTISING