Online auctioneers Paddle8 and Auctionata merge

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The Background  People who wish to submit a bid for works of art, collector's pieces or vintage luxury items are increasingly making use of digital platforms. Christie's is still the market leader, but competition is growing.

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The Deal  Auctionata auctions works of art in Europe, whilst Paddle8 is primarily active in America. As a result of the merger, the online auctioneers will have a presence on both sides of the Atlantic. IEG Investment Banking Group acted as exclusive financial advisor to Auctionata.

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The Partners  Auctionata was set up in Berlin in 2012 and achieved a turnover of 81 million euros in 2015. Paddle8 had started up two years previously in New York and achieved a turnover of 44 million euros in 2015.

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The Prospect  Christie’s on the one side, eBay on the other: but in between, there is still considerable scope for other online auctioneers, and Auctionata and Paddle8 aim to occupy that space.

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