ART WORLD NEWS
Private Equity Firm Takes Majority Stake in LiveAuctioneers -ARTnews
The Boston-based equity firm Cove Hill Partners has made an investment in the online marketplace LiveAuctioneers, making it the majority owner of the company.
LiveAuctioneers said in a news release that it will use the funding to “accelerate investments in innovation to reach new bidder audiences and expand technology solutions for sellers,” according to a release. The transaction was finalized earlier this month.
Founded in 2002, LiveAuctioneers, serves as a portal for bidding on auctions at thousands of houses, and operates in an increasingly crowded field that has veteran businesses like Christie’s and Sotheby’s competing for business with internet-native companies like Invaluable, Artnet, and Artsy.
The CEO of LiveAuctioneers, Phil Michaelson, said in a statement to press that Cove Hill’s “long-term capital commitment provides us with the platform to invest in additional capabilities. The additional funding will enable faster time-to-market for functionality and services that accelerate our auction-house partners’ online sales growth and simplify their operations.”