Reverse Fintech-From Online to Offline in the Art World

We’ve mentioned to our readers that we get lots of press releases and media pitches these days, and some are just downright screwy, others are spot on, and still others cause one to pause and read further.  File this story away in the latter category. 

A major ONLINE art firm – MutualArt – has received a $32M investment to launch a private OFFLINE (but data driven) sales service to be headed by the former Managing Director of Contemporary Art at Sotheby’s.  This is interesting because we’re seeing the same trend with robo-advisors.  Launch online only – then add an offline (human-yea!) component as a “bespoke” offering with a  larger fee structure.  It turns out people still are interested in dealing with other actual live human beings – they just have to pay more for that “luxury”. 
(Cindy Taylor/Publisher)

“MutualArt, the world’s leading source of art market information and manager of the APT (Artist Pension Trust®) collection, today announced it has raised $32 million in funding to launch its new private sales service, with Saul Ingram, former Managing Director of Contemporary Art at Sotheby’s, as Head of Sales.

From online to offline – MutualArt’s new private sales service

MutualArt’s new private sales service offers collectors, art advisors, foundations, corporations and institutions exclusive access to artworks from the APT collection – currently comprising nearly 13,000 artworks from 2,000 established and emerging artists in 70 countries – as well as discreet sales of secondary market works.

MutualArt’s experienced private sales team uses the company’s unrivalled online data on the art market – including in-depth performance analysis of 300,000 artists, current market trends and usage data from over 500,000 members registered worldwide – to match artworks with the right buyer and offer support and advice, both online and offline, anywhere in the world.

With price analysis, auction results and event listings for over 300,000 artists, the MutualArt database offers an objective and extensive view of the global art market. Trusted by over half a million collectors and professionals worldwide, the service allows members to follow the artists that matter to them and receive personalized alerts, ensuring they stay up to date with today’s art world.

MutualArt also manages the APT (Artist Pension Trust®) collection, one of the largest private collections of works by contemporary artists globally. Now comprising nearly 13,000 artworks from 2,000 artists in over 70 countries, APT was founded in 2004 as a mutual assurance program to provide select artists around the world with long-term financial security. The artists entrust APT with 20 artworks over a 20-year period and share the net proceeds from sales, allowing them to benefit from each other’s success.”Source: MutualArt