Paddle8 reports robust results for the first half of 2014, with 400% growth over the same period in 2013
Total sales increased to $17.8 million, establishing Paddle8 as the leading online auction house for art and collectibles. Net revenues increased 400% over the first half of 2013. Growth represents Paddle8’s expansion into new collecting categories beyond art and design, as well as an expanding collector base in Europe and Asia
Paddle8, the online auction house founded in 2011, reports remarkable growth for the first half of 2014. Total sales reached $17.8 million, a 400% increase over the same period in 2013 and a 170% increase over the second half of 2013. With these strong results, Paddle8 has established itself as the world’s leading online auction house for art and collectibles, giving a global community of passionate collectors unprecedented access to online auctions of trusted, high-caliber inventory and providing an efficient and accessible alternative to the traditional brick-and-mortar auction houses by streamlining the collecting process and charging fees that are significantly less than market norms.
While Paddle8 continues to present two kinds of auctions—sales organized by Paddle8’s in-house specialists, and charity auctions in collaboration with leading arts foundations and museums worldwide—the mix of net revenues shifted in H1 2014 as Paddle8’s own for-profit auctions achieved unprecedented success. In H1 2014, for-profit auctions contributed 60% of Paddle8’s net revenues, with charity auctions contributing 40% of net revenues. This represents a significant evolution from H1 2013, when for-profit auctions represented 30% of Paddle8’s net revenues.
The success corresponds with Paddle8’s expansion into collecting categories beyond art and design—including jewelry, books, fashion accessories, and other collectibles—as well as Paddle8’s hiring of additional specialists worldwide to serve a rapidly growing community of 200,000 collectors and consignors in over 90 countries. Paddle8 recently opened an office in London to complement its New York headquarters and L.A. office, and has grown its team to 60 art and tech experts worldwide.
The results are a validation of Paddle8’s business model, which creates efficiency and liquidity in the middle portion of the art and collectibles market, focusing on works valued between $1,000 and $100,000. In H2 2014, Paddle8 will present its first auctions dedicated to books, fashion, and jewelry, as well as continue its fruitful partnerships with regional auction houses in Europe and the Americas to offer their authenticated inventory to Paddle8’s engaged audience of digitally-savvy collectors around the world. In addition, Paddle8 will continue to offer free online auction estimates to consignors, bringing the same ease and efficiency to the process of consigning that the company has already brought to one-click collecting.
Paddle8 has been honored by authorities in the fields of tech, art, and design for combining the excitement and expertise of an auction house with intuitive technology and efficiency. The company was recently named to Apollo Magazine’s 40 Under 40 List, ELLE Decor’s Inspiration List, DETAILS Magazine’s Digital Mavericks List, and Art + Auction’s Power 100.
Paddle8 is an online auction house that connects buyers and sellers of fine art and collectibles. Paddle8 has created a marketplace for collectors by presenting authenticated inventory on an elegant and efficient platform that makes collecting swift and seamless. Founded in 2011 by Alexander Gilkes, an auctioneer and LVMH veteran, and Aditya Julka, a Harvard Business School MBA and serial entrepreneur, Paddle8 has over 50 employees worldwide, with teams in New York, L.A., and London. Paddle8 is funded by the investors behind Uber, Vimeo, Buzzfeed, Paperless Post, Warby Parker, and Bonobos, among others, as well as art-world insiders including artist Damien Hirst, art dealer Jay Jopling, and Matthew Mellon.