Paddle8

Paddle8 is an online auction house based in New York^[1] selling fine art, design, collectibles, and jewelry. Founded in 2011 by Alexander Gilkes, Aditya Julka, and Osman Khan.^[2] Paddle8 makes it simple for collectors worldwide to buy and sell at auction. Paddle8's sales focus on pieces priced between $1,000 and $100,000, all vetted by specialists for authenticity.^[3] Paddle8 has offices in New York, Los Angeles, and London.^[4]

History

Paddle8 was founded in May 2011 by Alexander Gilkes (a former LVMH executive and the chief auctioneer at Phillips auction house), Aditya Julka (a serial entrepreneur and Harvard Business School Baker Scholar), and Osman Khan (a banker with experience at Goldman Sachs and Perella Weinberg Partners and a Harvard Business School MBA). Initially created as a broad platform for presenting exhibitions of contemporary art online, in 2012 Paddle8 refined its business model to focus solely on auctions. Today, Paddle8 connects buyers and sellers of fine art, collectibles, design, jewelry, and watches through an online auction platform and an iPhone app. In 2014, Paddle8 sold more than $36.8 million worth of art, a 146% gain over the previous year.

Since its founding, Paddle8 has also partnered with over 300 non-profit organizations worldwide, from the Los Angeles County Museum of Art to the Brooklyn Academy of Music and the Guggenheim, to present their benefit auctions online, dramatically expanding their audience of supporters by tapping into Paddle8's community of 500,000 collectors. By January 2015, Paddle8 had presented more than 500 benefit auctions.

In 2012, Paddle8 acquired online auction platform Blacklots.^[5] In May 2013, Paddle8 acquired an option to purchase a stake in Artnet^[6]

In June 2013, it was announced that Princess Eugenie would be working at Paddle8 in the fall.^[7]

In early 2015, Paddle8 was the official seller of the an ultra limited edition double album by the New York hip hop group Wu-Tang Clan titled Once Upon a Time in Shaolin, of which there is only a single known copy.

Funding

As of October 2015, Paddle8 has raised $44 million from leaders from across the art, luxury, media, and tech industries.^[8] Paddle8's $4-million Series A round was led by Founder Collective ^[9][10] and Mousse Partners.^[11][12]

In June 2013, Paddle8 announced $6 million in funding from new investors, including artist Damien Hirst, Alexander von Fürstenberg, Russian mogul Vladimir Yevtushenkov, Matthew Mellon, and Jay Jopling, owner of White Cube.^[4][13][14]

In October 2015, Paddle8 announced $34 million in Series C funding. New investors represented an array of notable figures from the worlds of technology, art and luxury, including newest Paddle8 board member David Zwirner, one of the most influential international art dealers; German collector and investor Rolf Sachs; Eric Fellner, co-chairman of Working Title Films; and Edgar Berger, Chairman and CEO International of Sony Music Entertainment. The round also saw participation from existing investors including Mousse Partners, Damien Hirst, Jay Jopling of White Cube Gallery; and Stavros Niarchos, a collector and entrepreneur.^[15]

Auction Process

Auctions

Paddle8’s auctions focus on works of art, design, jewelry, watches, and collectibles priced between $1,000 and $100,000. Works are sourced by Paddle8's in-house team of specialists, experienced veterans from Christie's, Gagosian Gallery, and Phillips. In addition to regular auctions of art and design, Paddle8 presents auctions curated by notable cultural figures, including Grace Coddington, Tory Burch, Tracey Emin, Ellen DeGeneres,^[16] Damien Hirst, Christophe de Menil, and Interview Magazine.

Benefit Auctions

Paddle8 also partners with non-profit institutions to host their benefit auctions online, opening up their fundraising prospects to Paddle8's global community of collectors. As of January 2015, Paddle8 had raised more than $33 million for non-profit organizations around the world.^[17]

References