Back to Press Friday August 8, 2014

Paddle8 partners with Dreweatts & Bloomsbury Auctions for Unconditional, an innovative series of online-only auctions without a buyer’s premium

A four-sale series of 0%-buyer’s-premium auctions, Unconditional extends Paddle8’s collector-friendly modernization of the traditional auction model

Paddle8 is delighted to partner with Dreweatts & Bloomsbury auctions to present Unconditional: Rare Prints and Editions with Zero BP, an auction that offers collectors a unique opportunity to purchase works without paying the usual "buyer’s premium" or “BP”, the additional fee that is a percentage of the final sale price and is typical of all auctions. This is the first in the Unconditional series, a program of four online-only auctions with 0% buyer’s premium that Paddle8 will host with Bloomsbury.

The series launches with Unconditional: Rare Prints and Editions with Zero BP, a sale of prints and photographs by coveted modern and contemporary artists, including Andy Warhol, Francis Bacon, Roy Lichtenstein, and Julie Mehretu. Bidding is available on Paddle8.com from August 15 through August 31.

his special 0%-buyer’s-premium auction series continues Paddle8's innovations to the traditional brick-and-mortar auction house model. For this auction, Paddle8 is not only bringing inventory to auction in a novel way—partnering with a respected regional auction house to present extraordinary, locally-sourced inventory to Paddle8’s global collecting audience through an online-only auction—but is introducing a pricing structure that deviates from the rigid format of traditional, physical auctions. Paddle8 has previously innovated the online auction space by significantly decreasing the fees for buyers and sellers, charging half of market norms. In addition, Paddle8 has established itself as a leader in bringing high-caliber, authenticated inventory to collectors worldwide through its partnerships with non-profit museums and foundations worldwide, and approaches Unconditional as a way to extend this innovative, collector-friendly model to for-profit partners.

In the first half of 2014, Paddle8 sold more than $17 million of art and design, in part through its partnerships with regional auction houses like Bloomsbury, as well as Paddle8’s curated auctions and non-profit auctions.

“Paddle8 has created a destination for collectors to purchase art online with maximum ease, removing many of the transactional friction costs of collecting. Dreweatt’s & Bloomsbury Auctions are excited to pass the benefits of this efficiency to our collectors by presenting a joint program of online-only sales in which all lots are offered without a buyer’s premium. We are delighted to provide both Paddle8’s 200,000 collectors worldwide and Bloomsbury’s dedicated collector base with access to these special sales,” said Stephan Ludwig, Executive Chairman, Dreweatts & Bloomsbury Auctions.

“Our collectors are clamoring for the high-quality inventory sourced by renowned regional auction houses like Bloomsbury, including works by blue-chip artists from Warhol and Lichtenstein to Bacon and Picasso. We look forward to a successful partnership with Bloomsbury, which has embraced the possibilities of the digital landscape to experiment with the format and conventions of a traditional auction—while dramatically expanding their audience of collectors,” said Osman Khan, COO and Founding Partner, Paddle8.

About Dreweatts & Bloomsbury

With a history that dates back over 250 years to 1759, Dreweatts & Bloomsbury Auctions are a UK ‘Top 5’ auctioneer of Fine and Contemporary Art, Antiques and Antiquarian Books. As part of The Stanley Gibbons Group plc, Dreweatta & Bloomsbury are the only UK stock-exchange listed firm of auctioneers and occupy the same stable as coin specialists Baldwin's, and Fraser's Autographs. Dreweatts & Bloomsbury has the broadest and most regular calendar of specialist catalogued sales in the industry, numbering over 150 per annum, and provide vendors and buyers alike access to market-leading specialist advice in any number of collecting fields.

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