Bidsquare (www.bidsquare.com), a curated auction and e-commerce platform where collectors bid and buy on the best fine art and antiques from trusted auction houses and dealers has raised $1.5 million in seed funding from angel investor Stephen Smith. Bidsquare brings the art and auction market online, making high-end fine art and design accessible to anyone in the world. Bidsquare has experienced triple digit growth since its launch in September 2014.
Bidsquare is filling a void in the growing online fine and decorative art industry by featuring curated collections and sales from only reputable auction houses and dealers with a bricks and mortar presence. Users can bid real-time in live or timed auctions or a traditional e-commerce “buy now” format. Bidsquare has built a reputation of quality and trust based on its sellers and the property they bring to market. The funds will go toward expansion into new markets, services and cutting-edge technology initiatives to improve the buying experience.
The funding comes at a time of industry growth. According to the 2016 Art Market Report, released under the European Fine Art Foundation (TEFAF), sales of art in the United States rose to a record $27.5 billion, with a 43% share of the market driven by the United States. Further, per The Hiscox Online Art Trade Report 2016, 92% of online art buyers expect to buy more or the same amount of art online in the next 12 months with online art being up 24% in the last 12 months.
“The art and auction market can be intimidating and the amount of material online can be overwhelming. Bidsquare provides both novice and expert collectors a curated platform and incredible access to high quality, vetted fine art and antiques from reputable sellers. Our real-time live bidding software makes it easy for users to bid online and offers sellers maximum flexibility in how they sell their material, auctions or buy now, which in turn enables auction houses to obtain the best price. There is no other platform that has a higher concentration of serious and high quality sellers and buyers,” said Allis Ghim, CEO of Bidsquare.
Launched in 2014, Bidsquare is the destination for individuals and collectors of fine art, design and antiques seeking exceptional, one-of-a-kind pieces, with unique property added every day from over 100 auction houses and dealers. Bidsquare was founded by six leading auction houses: Brunk Auctions, Cowan's Auctions, Leslie Hindman Auctioneers, Pook & Pook, Rago and Skinner. Visit http://www.bidsquare.com to view sales.