GCA advises LiveAuctioneers on its proposed sale to ATG
ATG has a long history of partnering with auctioneers to provide a suite of online products and services to maximise the value of the assets auctioneers sell for their consignors, while giving bidders access to a wide range of inventory in a trusted, convenient environment. The acquisition of LiveAuctioneers will allow the Group to extend its offering into the North American arts and antiques market, further enhancing the value it can bring.
Through the proposed acquisition, thousands of auction houses that run their auctions on LiveAuctioneers will benefit from the option to list their auctions on ATG’s existing marketplaces and reach a wider audience of bidders. Likewise, 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. Further, payment, back-office and marketing solutions can more efficiently be made mutually available to ATG’s and LiveAuctioneers’ partner auction houses
“LiveAuctioneers is proud of the relationship it has developed as a trusted partner to auction houses and the value it has delivered to those businesses over the last 19 years. As part of ATG, LiveAuctioneers’ partners will extend their online marketing to reach ATG’s network of bidders from 150 countries around the world. This, plus deeper investment in the end-to-end buyer experience will enable auctioneers to foster enhanced competition for, and the value of, the arts and antiques items being auctioned and expand the appeal of live online auctions as the best path by which to buy and sell secondary goods. We are excited by what the future holds for treasure hunters and the broader auction community.” Phil Michaelson, CEO of LiveAuctioneers, commented.
Zack Kaplan, Managing Director of Cove Hill Partners and member of the LiveAuctioneers Board of Directors, added: “Cove Hill is thrilled for Phil and the entire LiveAuctioneers team as they enter a new chapter of growth in partnership with ATG. We also want to thank the GCA team for being true strategic partners in helping Cove Hill Partners and LiveAuctioneers reach this exciting milestone.”
LiveAuctioneers .com will continue to operate with its headquarters in New York City and be led by CEO Phil Michaelson. The transaction is subject to customary regulatory approvals.