Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Inside the Huge Losses at Stanley Gibbons, Owner of Mallet, Dreweatts & Bloomsbury

October 11, 2016 by Marion Maneker

sg_logowarrant_sm

The plummeting art, auction and collectible roll-up Stanley Gibbons has revealed some of the huge risks involved in trying to revamp art and antiques businesses for the digital and mobile marketplace.

In an interview with the company’s new Chairman, ATG learns that the team rolling up these various businesses had done little to integrate or rationalize them. What’s worse, in their haste to move the businesses “online,” the company piled up huge losses of £29m.

Worse still, a scheme to put a floor under stamp prices has left the company with a potential liability of £64m:

The biggest single cost to the group was the “ill-conceived, badly managed” launch of online auction platform The Marketplace. The project, which swallowed over £10m across three years of development, was closed in September as it was no longer deemed “economically viable”.

Ill conceived and badly managed new Stanley Gibbons boss savages old regime (The Antiques Trade Gazette)

More from Art Market Monitor

  • Atlanta’s High Gets Donation from Souls Grown Deep FoundationAtlanta’s High Gets Donation from Souls Grown Deep Foundation
  • Seattle Fair Sales Benefit from Big Hitter SupportSeattle Fair Sales Benefit from Big Hitter Support
  • Manhattan Real Estate Continues to Send a Signal as Townhouse sells for 39% Than Buyer Paid in 2014Manhattan Real Estate Continues to Send a Signal as Townhouse sells for 39% Than Buyer Paid in 2014
  • Breaking Views: Art Doesn't Hedge InflationBreaking Views: Art Doesn't Hedge Inflation
  • AIPAD EventsAIPAD Events
  • Sales Report: Art Basel ‘OVR’ Miami Beach December 2020Sales Report: Art Basel ‘OVR’ Miami Beach December 2020

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...