NEW YORK, NY.- LiveAuctioneers
, one of North Americas favorite destinations for fine and decorative arts, antiques and luxury goods, today announced its agreement to join Auction Technology Groups family of curated online marketplaces and auction-technology solutions.
LiveAuctioneers is delighted to have a new partner with a long history of empowering arts and antiques auctioneers with a suite of online tools, content, and services available to maximize the value of assets auctioneers sell for their consignors. The acquisition by Auction Technology Group (LON:ATG) will more easily enable North American auction houses to access global bidders, accelerating LiveAuctioneers continued growth as well as driving the appeal of secondhand items and the circular economy.
The auction industry is going through a structural shift from offline to online and in so doing faces competition from large ecommerce companies selling secondary goods. A key part of ATGs strategy is to help the auction industry evolve and compete. LiveAuctioneers acquisition by ATG enhances the combined Groups ability to invest in key elements of the end-to-end buying and selling experience, thereby enhancing value for auctioneers, consignors, and bidders alike. It also demonstrates LiveAuctioneers commitment to investing in cloud solutions for payments, compliance, and back office that simplify auction-house operations.
Phil Michaelson, CEO of LiveAuctioneers, commented: LiveAuctioneers is proud of the relationship it has developed as a trusted partner to auction houses and the value it has delivered to those businesses over the last nineteen years. As part of ATG, LiveAuctioneers partners will extend their online marketing to reach ATGs network of bidders from 150 countries around the world. This, plus deeper investment in the end-to-end buyer experience, will enable auctioneers to foster enhanced competition for, and realize the full value of, the arts and antiques items being auctioned and expand the appeal of live online auctions as the best path by which to buy and sell secondary goods. We are thrilled by what the future holds for treasure hunters and the broader auction community.
John-Paul Savant, CEO of Auction Technology Group, commented: We are excited to announce the proposed acquisition of LiveAuctioneers. It enables ATG to enter the large and fast-growing North American art and antiques segment, further diversifying our business and bringing complementary auctioneers and bidders to our Group. It will strengthen our ability to invest in improving the buying experience, thereby making online auctions more attractive to bidders around the world and helping auctioneers realize higher asset values for their consignors. Our goal is to keep this important industry competitive in an increasingly digital world and, in turn, accelerate the pace of sustainable commerce by making it easier and more attractive to buy and sell through auctions. We are delighted to welcome the strong LiveAuctioneers team, which has a similar culture to ATG, and look forward to working closely together in the future.
Through the proposed acquisition, thousands of auction houses that have run their auctions on LiveAuctioneers will benefit from the option to list their auctions on ATGs existing marketplaces and reach a wider audience of bidders. Likewise, ATGs existing auctioneer clients will have the option to list on LiveAuctioneers, reaching bidders in North America who annually win over one million items on LiveAuctioneers. Further, payment, back-office and marketing solutions can more efficiently be made mutually available to ATGs and LiveAuctioneers partner auction houses.
ATGs existing arts & antiques marketplaces are thesaleroom.com, which was founded by ATG in 2006, and German fine art & antiques marketplace Lot-tissimo, which was acquired by ATG in 2018. The Group also operates four marketplaces in the industrial & commercial sector.
LiveAuctioneers.com will continue to operate with its headquarters in New York City and be led by CEO Phil Michaelson. The transaction is subject to customary regulatory approvals.