The Art of the Dealing: Inside Paddle8's Bid To Become The Internet's Auction House

Paddle8 Founders

Founded in 2011, Paddle8 has become one of the Internet's premier art destinations. Recently, in Series C they were able to raise $34 million from investors including New York gallery owner, David Zwirner. They've secured $44 million in total funding to day. 

Featuring everything from high-end fine art masterpieces to movie memorabilia and fashion they have continued to evolve and expand. 

Feeling like the brick-and-mortar system was failing young collectors, they aim to reach those seeking to start and grow new collections. The ideal client is 25-34. 

Last year Paddle8 sold $35.8 million worth of art - a 146% increase over 2013s sales. They take a 20% premium from the buyers and 8% from the sellers, the average hammer price is $4,800 USD. Not physically holding the works also allows them to keep costs down. 

 
Source: http://www.forbes.com/sites/natalierobehme...