PrivCo Logo

Online Auction is the New Retail Therapy

Online Auction is the New Retail Therapy
September 21 2020

While retailers across America shutter their doors or open to serve a disappointing trickle of customers, auction houses have become virtual one-stop shopping destinations for people buying luxury goods across all categories, thanks to Zoom previews, online video condition reports, and easy online bidding. 

Online auctions are the new retail therapy. Sotheby's reported an increase of 30% in new bidders and buyers so far this year, saying too that 30% of all bidders are now under 40. Younger clients, who are comfortable bidding online even for high-ticket items, have turned watches into particularly hot category. And there's a rising level of enticing inventory as enthusiasts cull their collections. Auctioneers have reached a lot of new clients with smaller online sales and made sales more accessible. Adding to the thrill, bidding in auctions can be an addiction.

The brightest spot is that many young bidders started participating during the pandemic and have bought large ticket items. The younger generation is already comfortable online. Eliminating the in-person bidding makes the process less intimidating to them, thus increasing the participation. 

Looking for US Private Company Information?
Start for free, Upgrade for more.
Get Started

Auction Houses that Offer Online Bidding:

Skinner offers more than 60 auctions annually. Skinner auctions reach an international audience and showcase the unique, rare, and beautiful in dozens of categories, including the fine and decorative arts, jewelry, modern design, musical instruments, science and technology, wine, and many others.

Morphy Auctions has become one of the great success stories of the antique trade. Founded by Dan Morphy in 1997, Morphy’s has realized meteoric growth and set numerous world auction records in many categories, while attracting a global following of buyers that grows exponentially with each successive sale.

LiveAuctioneers is an auctions platform for collectibles, antiques, jewelry, and art. Founded in 2002, LiveAuctioneers broadcasts thousands of live auctions annually, presenting millions of items for live bidding.

SoftBank exits cellphone distributor Brightstar in telecoms sell-down
SoftBank will sell the money-losing firm to a newly formed subsidiary of private equity firm Brightstar Capital Partners for cash plus a 25% stake in the subsidiary, it said in a statement.
[Read more].
Le Bernardin Is New York's First Three-Star Dining Room To Reopen
On Sept. 30, Le Bernardin, one of the world’s seminal seafood restaurants, will become New York's first Michelin three-star dining room to reopen indoors since March. [Read more].
Since last week, PrivCo has added:
9080 Companies | 236 Funding Activities | 66 M&A Deals

Funding & Deal Highlights:

Attralus, a biopharmaceutical company focused on creating transformative medicines to improve the lives of patients with systemic amyloidosis, today announced the completion of its $25 MM Series A financing. The Series A financing was led by venBio Partners and will allow Attralus to further validate their pan-amyloid imaging agent, AT-01, and advance two therapeutic candidates, AT-02 and AT-03, into clinical development for ATTR (transthyretin), AL (light chain), and potentially ALECT2 systemic amyloidosis.  Attralus expects to file IND applications for the two therapeutics programs by early 2022.

Project management software company Airtable has landed $185 MM in a new round of funding, bringing its valuation to $2.5 BN. Thrive Capital led the Series D round, with participation from existing investors Benchmark, Coatue, Caffeinated Capital, and CRV, according to a company spokeswoman. D1 Capital also participated in the round as a new investor.

ESCAPE Bio, a clinical-stage company developing novel, precisely targeted therapeutics for genetic neurodegenerative diseases, today announced the closing of a $73 MM financing led by Wellington Management Company LLP. Additional new investors include Avidity Partners, CAM Capital, New Leaf Ventures, Rock Springs Capital, Surveyor Capital (a Citadel company) and Sphera Funds Management, who join existing investors OrbiMed, Novo Holdings, Johnson & Johnson Innovation, Novartis Venture Fund, Osage University Partners and Sutter Hill Ventures.

Plantt, the Customer Experience Optimization Platform, announced the completion of their seed round in the sum of $1 MM, led by GoAhead Ventures and angel investors.

Bolster, a new marketplace for on-demand executive talent, announced its launch today to match experienced executives with companies for interim, fractional, advisory, project-based, or board roles. The company’s investors include High Alpha, Silicon Valley Bank’s parent company SVB Financial Group, Union Square Ventures and Costanoa Ventures.

Verizon announced today that it has entered into an agreement with America Movil to acquire TracFone Wireless, Inc., the leading pre-paid and value mobile provider in the U.S. The acquisition expands Verizon’s portfolio into the value segment, bringing enhanced access to its industry-leading wireless network and comprehensive suite of mobility products and services to a new customer base.

Toucan has developed a Chrome browser extension designed for anyone who wants to learn a new language but hasn’t found the motivation or the time. It’s announcing that it has raised $3 MM in seed funding led by GSV Ventures,  with participation from Amplifyher Ventures, Wonder Ventures, Golden Ventures, Halogen Ventures, Vitalize Ventures, and strategic angel investors.

Chartable, a startup known for its authoritative podcast download charts, is announcing that it has raised $2.25 MM in seed funding.

Thomas H. Lee Partners, a private equity firm investing in growth companies, acquired a majority stake in Insurance Technologies, a Colorado Springs, CO-based provider of sales and regulatory automation solutions for the insurance and financial services industries.

Thanks for reading!
Not a subscriber yet? Sign up here.
Copyright © 2020 PrivCo Media, LLC. All Rights Reserved.
You can
update your preferences or unsubscribe from this list.
PrivCo Logo

© 2024 PrivCo Media, LLC


HomeSign inContactPricing