Highest Bid

As the art world is globalizing, it is also adapting to the digital age- and catching up with the eBay generation- by creating 21st century auction houses in an attempt to democratize a 200-plus year old industry. Paddle8 see’s itself as an online auction house connecting buyers and sellers of fine art and collectibles across the world, making the tradition-bound world of auctions accessible to new generations. Founders Alexander Gilkes- a LVMH veteran and Chief Auctioneer of Phillips- and Aditya Julka- a serial entrepreneur and Harvard Business School Baker Scholar- launched Paddle8 in 2011 envisioning it as a luxury site that would revolutionize the art market the way Net-a-Porter did for fashion retail.

The platform consists of two types of auctions: monthly themed auctions- low cost and easy to use, curated by influential cultural figures, publications, and institutions to fit various themes- and benefit auctions in collaboration with non-profits- allowing non-profit institutions to run their auctions online either in a virtual capacity or as a pre-selling collaboration prior to a live auction. Paddle8 has hosted more than 200 benefit auctions, having worked with 150 organizations, museums, and foundations worldwide which include the Royal Academy and the Los Angeles County Museum of Art.

The company has amassed a team of over thirty art and technology professionals, and new-venture funding includes investors such as the artist Damien Hirst, and the private investment firm controlled by the family that owns Chanel. Its high society connections also garners buzz, most specifically British Royal Princess Eugenie, who recently joined their business development team in New York. Paddle8 sells works mostly priced under $100,000, so there shouldn’t be any conflict with those old guard auction houses. If you’re a collector looking for extraordinary art and objects, you may want to paddle up. www.paddle8.com