Blacklots Launches Curated Online Art Auctions – artmarketblog.com
As artprice.com prepare to enter the online auction arena, and artnet.com struggles to make their online art auction platform profitable, another online art auction startup has joined the fray. Blacklots.com is an online curated art auction platform for the resale and acquisition of contemporary art that utilises a 24 hour auction format. Co-founded by: Rodman Primack,former Chairman of Phillips De Pury, London; Minor Childers, operations specialist, co-founder of Dot Eco and founder of the World Carbon Database; CJ Little, a serial entrepreneur, founding partner at Checchi Capital Advisers and founder of ElephantDrive.com; and Clark Landry, a serial entrepreneur and angel investor. Blacklots has also assembled an A-List group of Advisory Board members including Adam Lindemann, Jeanne Greenberg Rohatyn, Richard Pandiscio, Nadine Johnson, James Costos, Karyn Lovegrove, and Todd Traina.
The reason that Blacklots was launched is, according to the founders:
“We have felt the growing demand for a more modern, efficient way to facilitate the exchange of art. We created Blacklots in response to this demand— as an update and supplement to the traditional auction houses and galleries.
We have unparalleled, privileged access to collectors. Our broad international network of consultants, collectors and dealers empowers you to reach an exclusive, motivated audience, and our online platform allows collectors from around the world to “attend” and participate in our auctions.”
The use of a 24 hour auction format is what differentiates Blacklots from other online art auction sites and has so far proven to be a relative success with sales of works by artists such as Takashi Murakami, Leigh Ledare, Vik Muniz, Charles Arnoldi and others. As well as promising a quick turnaround for both buyer and seller, Blacklots also boasts a low buyers premium and commission both of which currently stand at 7%. Auctions are currently limited to one work per day, each of which can be viewed a week or so ahead of the auction, however, there are plans to offer multiple works per day in the near future.
The less than positive history of online art auction sites makes Blacklots well worth watching. Stay tuned for further analysis of the Blacklots project.
To be continued………….
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