Artfact Launching Live Auction Market for Art, Antiques and Collectibles as eBay Exits
Posted on April 17, 2008
Filed Under Internet, eCommerce
BOSTON, April 17 /PRNewswire/ — Following Tuesday’s announcement by
eBay that it will exit the live online auction business, Artfact today
announced the launch of Artfact Live!, including an online bidding platform
and audio/video broadcast services.
Artfact Live! is a next-generation online marketplace connecting the
world’s 1,000 leading auction houses with the 6 million most active
collectors and dealers of art, antiques, and fine collectibles.
Artfact Live! integrates RFC Systems, Artfact’s leading auction
management software developed over the last 20 years, with its proven live
online bidding technology, so that premier auction house partners - such as
Artcurial, Charlton Hall, Doyle New York, Eldred’s, Gorringes, Galerie
Koller, I.M. Chait, Leslie Hindman, Lyon & Turnbull, Spink, Swann
Galleries, Tajan, Weschler’s and others - may offer live online auctions to
the Artfact.com and Invaluable.com communities of avid collectors and
dealers.
Rod Funston, President of Artfact, creator of its RFC auction
management software and long-time IT advisor to the auction house industry
said, “eBay demonstrated the potential of a live online bidding platform to
auction houses. However, many traditional auction houses are disillusioned
with eBay’s lack of focus on their specific needs. For years, quite a few
of our top-tier auction house partners have been asking us to help them
establish their own global marketplace, engineered to their unique needs.
So, in many ways I feel we have been preparing for this day for 20 years.”
Today, 6 million dealers and collectors of art, antiques, and
collectibles use Artfact.com and its U.K. sister site Invaluable.com to
find what they want at more than 1,000 of the world’s finest traditional
auction houses. In the first quarter of 2008, Artfact.com and
Invaluable.com listed over 1,000,000 lots for sale at upcoming auctions.
Today alone, Artfact lists more than 120,000 such lots to be sold at
auction within the next three weeks, with a total estimated value exceeding
$500 million (250 million pounds Sterling).
In 2007, Artfact sent more than 35 million email alerts matching
bidders’ collecting preferences with lots available for sale by auction
house partners. The number of bidders and email alerts have more than
doubled each year. Bidders use Artfact’s price database, representing about
$90 billion (45 billion pounds) in unabridged auction results, to research
and make informed decisions about bidding.
Artfact Live! (and Invaluable Live! in the U.K.) focuses exclusively on
the fine art, antiques, and collectibles market, and does not include
industrial, real estate, agriculture, equipment, and other such categories
due to the differences in bidder behavior and expectations and unique
requirements of the fine auctioneers.
Adam Kirsch, Chairman of Artfact, said, “The Artfact Live! marketplace
offers fine auction houses access to a vetted community of more than 6
million highly qualified bidders. eBay’s decision to pull out of the live
auction market demonstrates the need for focus and experience when dealing
with these prestigious auctioneers. Our proprietary approach protects the
interests of auction houses and their valued consignors. The 6 million
bidders in our marketplace are professionals and educated aficionados who
already understand how fine auctions work, and appreciate the myriad of
ways that online bidding frees them from geographic and time constraints.
Artfact Live! is a true win- win-win for fine auction houses, their
consignors, and qualified bidders that need online access!”
Background:
Artfact.com is the largest global marketplace of fine and decorative
arts, antiques, collectibles, and estate auctions. Over 1,000 fine
auctioneers actively list their catalogues with Artfact.com and its U.K.
sister site Invaluable.com, resulting in more than 100,000 fine and
decorative art objects and collectibles for sale at upcoming auctions
daily.
Over the past 20 years, the Artfact community has grown to more than 6
million knowledgeable collectors and dealers worldwide. The Artfact.com and
Invaluable.com websites receive more than 20,000 visits daily, and sent
more than 35 million email alerts in 2007 matching bidders’ collecting
preferences with lots available for sale by its auction house partners.
Originally founded in 1989 as an auction catalogue processor and
auction results database for Sotheby’s, Christies, and other fine
auctioneers, today Artfact is the global leader in fine auction information
listing over 100,000 lots for sale daily at the best auctioneers around the
world, and about $90/ 45 billion pounds in unabridged past auction results
including works by over 500,000 international artists.
Artfact’s RFC Systems software manages the entire business of
prestigious auction houses in seven countries and four languages, including
Artcurial, Charlton Hall, Doyle New York, Eldred’s, Gorringes, Galerie
Koller, I.M. Chait, Leslie Hindman, Lyon & Turnbull, Spink, Swann
Galleries, Tajan, and Weschler’s. Artfact systems include live online
bidding with audio and video, in conjunction with e-commerce partner eBay
and, starting in 2008, directly from Artfact.com and Invaluable.com.
In 2007, Artfact purchased Invaluable.com, the leading provider of
auction marketing services and databases to the United Kingdom market.
Today, the Invaluable team on the Isle of Wight continues to provide U.K.
clients with industry-leading service and support.
SOURCE Artfact via PRNewswire
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