ATG to complete acquisition of LiveAuctioneers
Auction Technology Group plc (LON:ATG), the operator of the world’s leading marketplaces for curated online auctions, is pleased to be welcoming LiveAuctioneers, one of North America’s favourite destinations for fine and decorative arts, antiques and luxury goods, to its Group. Following receipt of final required approvals to proceed with the acquisition, ATG expects to complete the acquisition shortly.
ATG’s mission is to be a trusted partner to the auction industry as it continues its structural shift to online, driving the appeal of second-hand items and accelerating the growth of the circular economy. The acquisition of LiveAuctioneers demonstrates ATG’s commitment to helping auctioneers build their businesses and compete with the global e-commerce giants, by enabling them to reach a global pool of bidders, as well as providing bidders with access to millions of unique and specialised items.
This transaction will enhance the enlarged Group's offering to auctioneers and bidders across the world. It will enable the thousands of auctioneers that run their auctions on LiveAuctioneers to benefit from the ability to list their auctions on ATG’s existing marketplaces and reach a wider audience of buyers of fine art and antiques in the UK and EU. ATG’s existing auctioneer clients will have the option to list on LiveAuctioneers, reaching bidders in North America who annually win over one million items on LiveAuctioneers.com. The acquisition will also enable ATG to integrate LiveAuctioneers’ compelling payments solution across its global business, significantly simplifying this process for auctioneers and enhancing the buying experience for bidders.
LiveAuctioneers has seen significant growth in recent years, receiving over 56 million bidder sessions in 2020. The acquisition will bring an estimated 1,600 auctioneers and 120,000 bidders to ATG's network, as well as an additional 27,000 auctions per year and 1.3 million lots sold. It will also give the company access to the US Arts & Antiques market – a segment that is twice the size of that of the UK. ATG already has a growing presence in the North American auction industry, selling high value construction and farm equipment on its online marketplace, Proxibid, and food & beverage plus heavy industrial, metal, and woodworking equipment through its BidSpotter marketplace, as well as providing best in class white label services through its subsidiary Auction Mobility.
LiveAuctioneers will continue to operate with its headquarters in New York City and be led by its CEO, Phil Michaelson.
ATG’s existing arts and antiques marketplaces are thesaleroom.com, which was founded by ATG in 2006, and German fine art and antiques marketplace lot-tissimo.com, which was acquired by ATG in 2018. The Group also operates four marketplaces in the industrial and commercial sector.
John-Paul Savant, CEO of ATG, commented:
“We are incredibly excited to welcome LiveAuctioneers to ATG. This is a significant milestone that will enhance our ability to support the transformation of the auction industry in its structural shift to online, and brings exciting new opportunities to further enable auctions to play their part in accelerating the growth of the circular economy. We look forward to working with a well-respected and experienced team, allowing us to widen our existing expertise and deliver further value to auctioneers, those who consign to auctioneers, and bidders.
“This combination will enable more auction houses to thrive in an increasingly digital world, extending their reach to bidders globally, and bring bidders access to millions of items. We will have a combined and growing network of c. 3,800 auction houses, c. 800,000 bidders, and host c.70,000 auctions per year. Through further building our presence in the large and rapidly growing US arts and antiques market, and adding technology capability and scale, we look forward to continuing to strengthen our partnership with auctioneers in the years ahead.”
Phil Michaelson, CEO of LiveAuctioneers, commented:
“Auctioneers and their consignors should be delighted. As part of Auction Technology Group, LiveAuctioneers’ partners will extend their reach to ATG’s formidable network of bidders from 150 countries around the world. Also, LiveAuctioneers will be investing more deeply into making the end-to-end bidder experience at auctions more seamless. This will help small business owners realise the full value of the art and antique items being auctioned and broaden the appeal of live-streamed online auctions as the best path to buy and sell previously owned goods. Together, LiveAuctioneers and ATG team members will help auctioneers to give new life to millions of one-of-a-kind items annually in the categories of art, furniture, home decor, jewellery, and more.”