Artfact, the world’s leading online live auction marketplace announced today its merger with Auctionzip, the world’s largest directory of live auction listings. Simultaneously, Artfact closed a $13 million growth capital financing provided by Boston-based Commonwealth Capital Ventures and Ascent Venture Partners. In addition to facilitating the merger, the funding will be used to expand product development, marketing, and sales efforts.
Combined, Artfact and Auctionzip provide over 16,000 estate auctioneers of all sizes worldwide with a complete range of technology and marketing services including online live bidding, and integrated auction management software. Through their websites Auctionzip.com, Artfact.com, and Invaluable.com, the companies allow 2 million art, antiques, and collectible dealers and collectors unprecedented access to search over 160,000 estate auctions each year with a combined value of over $25 billion.
Adam Kirsch, Chairman and CEO of Artfact, said, “Auctionzip’s founders, Joe Koval and Steve Johnson, have built the only comprehensive auction listing service for the fragmented U. S. estate auctions industry. Together, Auctionzip and Artfact provide estate auctioneers and their dealer/collector bidders with the largest online marketplace dedicated entirely to the unique requirements of live auctions.”
Steve Johnson will continue as Auctionzip’s President, and provided his remarks; “Merging with Artfact is a logical step for Auctionzip now. Auctioneers listing on Auctionzip.com received over 200,000 absentee bids during the last year from the Auctionzip.com bidding community of over 1 million monthly unique users. In March, 2010 Auctionzip will launch Auctionzip Live using Artfact’s leading live bidding technology and auction management solutions to become a true live bidding marketplace just like Artfact Live.”
Moving forward, each company will maintain its distinct brand, website, and office location in Allston Massachusetts (Artfact), Bedford, Pennsylvania (Auctionzip), and the Isle of Wight, U.K. (Invaluable).
About Artfact and Auctionzip:
Founded in 1989, Artfact is the largest global marketplace of fine and decorative arts, antiques, collectibles, and estate auctions. On January 1, 2009, Artfact launched Artfact Live! and Invaluable Live!, its proprietary live auction bidding platforms, enabling more than 1 million knowledgeable collectors and dealers to bid in real-time at more than 150 prestigious auction houses.
Auctionzip is the world’s largest directory of live auction listings. Founded in 2003, Auctionzip lists more than 160,000 estate auctions from 15,000 auctioneers in the U.S. and Canada each year. Auctionzip attracts more than 1.2 million unique visitors per month and is the go-to destination for collectors and dealers in the estate auctions and collectibles market.
Artfact’s industry-leading RFC auction management software assists prestigious art and estate auction houses around the world to manage their businesses effectively; its auction price databases of 55 million complete auction results with more than $200 billion in value allow auctioneers and bidders to better evaluate art, antiques, and collectibles.
Editor’s Notes:
– Additional background information available.
– Interviews with Adam Kirsch, Chairman and CEO, Artfact +1 (617) 746-9810
– Complimentary media subscriptions to the Artfact database available.
