Art Market Monitor

Global Coverage ~ Unique Analysis

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

Paddle 8 + Winkelvoss Twins + Skaterschikov = ?

January 23, 2018 by Marion Maneker

The New York Times offers a headline that Paddle 8 is merging with a Swiss tech company but the story underneath has a very different tale to tell. Ostensibly, Paddle 8 is melding art & luxury auctions with bitcoin transactions, the benefit of which is hardly clear.

Further down we find a familiar cast of characters from many of the last decade’s most farcical endeavors. On one side, we have the famous Winkelvoss twins who originally commissioned Mark Zuckerberg to create a social network before he decided to launch “The Facebook.” Made famous in the film The Social Network and and made rich by a $60m settlement with Zuckerberg, the Winkelvii latched on to Bitcoin as an opportunity to prove their bona fides.

Skaterschikov has previously invested in Paddle 8 through other vehicles he formerly controlled. He’s also pursued a number of different strategies to gain a foothold into the art market including Skate’s, Artnews, investments in Artnet and some sort of relationship with the Polish art-related firm Abbey House.

Now Skaterschikov returns through a blockchain firm called The Native:

The Native will buy a 15 percent stake in Paddle8 for 8.5 million Swiss francs, or $8.8 million. The Native will also have an option to buy an additional 36 percent of Paddle8 for 24.5 million Swiss francs, giving it a majority stake. […]

Cameron and Tyler Winklevoss, the investors who have long been proponents of Bitcoin and virtual currencies, have advised Paddle8 since 2015 and had pushed the company to adopt blockchain technology.

“We’ve long considered cryptocurrency as key to increasing transparency in markets around the world, including the art market,” Cameron Winklevoss said in a statement.

Paddle8, Online Art Auctioneer, Is Merging With Swiss Tech Company (The New York Times)

More from Art Market Monitor

  • Art Newspaper Video of Armory Show, Day 1Art Newspaper Video of Armory Show, Day 1
  • The Best Slideshow on ArtBasel MiamiThe Best Slideshow on ArtBasel Miami
  • Performa PicksPerforma Picks
  • ArtBasel’s Essential Role in the Growth of MiamiArtBasel’s Essential Role in the Growth of Miami
  • Panama Papers Reveal Fate of Some of Basil Goulandris’s Lost PaintingsPanama Papers Reveal Fate of Some of Basil Goulandris’s Lost Paintings
  • Gilbert & George's Not-So-Sober CuratorsGilbert & George's Not-So-Sober Curators

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