The rumblings that began in the German press last week and were picked up in New York by the Observer that Auctionata was unable to meet its payroll in December and failed to raise another round of financing, have been confirmed today. The company is seeking court protection; other reports have Paddle8 buying itself back from the merger and raising new money.
Here’s the Antiques Trade Gazette but you’ll see this around the entire art web-sphere today:
German based company Auctionata Paddle8 AG has filed for insolvency protection and plans to separate Paddle8 through an investor buy-out supported by its New York-based management.
In a statement it said: “The parent company is in several active conversations with promising investors to recapitalise, fund Auctionata’s strategic development, and further develop its powerful technology platform.”
Online art and antiques auctioneer Auctionata files for insolvency (Antiques Trade Gazette)