Auction Technology Group has welcomed 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, as announced by the CMA this morning, ATG expects to complete the acquisition shortly.
ATG says its 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.
It went on to explain how the acquisition of LiveAuctioneers demonstrates its 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.
It will mean that 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.
LiveAuctioneers will though continue to operate with its headquarters in New York City and be led by its CEO, Phil Michaelson.
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.”
Adding: “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.”