8479 - Invaluable reports strong auction revenue growth in 2016


Invaluable, the world’s leading online marketplace for fine art, antiques and collectibles, today announced that the company delivered strong auction revenue results in 2016 despite a challenging worldwide auction market, and added more than 750 new auction houses and art galleries to its marketplace.
Rob Weisberg, CEO of Invaluable, said, “Our 2016 auction revenue grew 30 percent year-over-year and buyers on our marketplace grew by more than 14 percent. Fine Art continues to be our best category with sales increasing 32 percent year over year. We’re succeeding despite market headwinds that saw many in the industry report flat, or even negative, revenue results.”

“We help auction houses and galleries reach global online audiences to grow their customer base and demand for their businesses,” Weisberg continued. “The art market is cyclical. Invaluable is a unique and advantageous position to capitalize on the art market upswing and we feel very optimistic about 2017.”

Over the course of 2016, Invaluable:

• Brought galleries, dealers and auction houses together in one unified marketplace when it launched “Buy Now” – offering Invaluable buyers the ability to shop for objects from galleries and dealers, as well as participate in live and timed auctions, all in a single, convenient, easy-to-use digital destination.

• Added more than 750 new auction houses and art galleries to its marketplace. New additions include 35 of the Art + Auction “Top 250 Auction Houses” in the world, such as Sotheby’s, Phillips, RM Sotheby’s, Coys, Vanderkindere and Worldwide Auctioneers. New gallery and dealer additions include Acquavella Galleries, Adelson Galleries, Barbara Krakow Gallery, Gerald Peters Gallery and Paul Kasmin Gallery.

• Became the marquee sponsor of TEFAF, the world’s preeminent fair of art and antiques, for TEFAF New York Fall in October 2016, and will remain as marquee sponsor of TEFAF Maastricht in March 2017 and TEFAF New York Spring in May 2017. Invaluable is working with TEFAF to help provide dealers with the digital tools necessary to grow their business between fairs by expanding their reach and connection with new buyers online.

• Announced that former Sotheby’s Chairman, CEO and President William F. Ruprecht will serve as chairman and inaugural member of the Invaluable Advisory Board, adding vital art industry perspective to the company, while helping grow the business.

• Was named one of the fastest growing companies in North America by Deloitte’s Technology Fast 500™ for the second year in a row. CEO Rob Weisberg was also named for the second consecutive year as a finalist for the 2016 Ernst & Young Entrepreneur of the Year®.

• Launched new technology and product offerings, including an updated live bidding page, a new early prevention fraud detection tool and Connect, a new white-label e-commerce solution for auction houses, galleries and dealers to offer objects for sale on their own websites.