Abu Dhabi`s twofour54 takes stake in online art market
Twofour54, Abu Dhabi`s media and home entertainment free zone, has actually taken a stake in Collectionair, an online market for art.
Collectionair was among the first start-ups released from Flat6Labs Abu Dhabi accelerator program in 2014.
Dash Ventures, an early-stage equity capital firm in Jordan, has also purchased Collectionair.
The start-up serve as an online gateway into the world of emerging art, providing art fans with a market where they can purchase, lease and switch works.
No other information, consisting of the value of investment, was supplied.
In 2014, the global art market was valued at US$ 66 billion, with online art sales representing $3.5 bn. The global art market has actually more than doubled in value in the previous 10 years.
Our partnership with Flat6Labs is essential to facilitating entrepreneurship in Abu Dhabi and our investment in Collectionair, a graduate from Flat6Labs, is testament to the quality of the program," said Maryam Al Mheiri, the acting chief executive of twofour54.
At twofour54 we believe in supporting entrepreneurship as a means to promoting economic diversity.
We will remain to support start-ups that fuel the market with sustainable sources of development and creativity that allow the amount chain of the media and show business.".
Christie s Dubai art auction last week raised a combined US$ 11.9 million, with competitive bidding in the saleroom and customers from around the world using the online bidding platform Christie s Live.
The region s growing appetite for art investment was a spur to investor seeing Collectionair as a special proposition.
Collectionair has actually built a special and engaging business model with a concentrate on emerging artists from underrepresented areas," said Omar Sati, the handling director of Dash Ventures.
We believe there is significant opportunity in the online art space and we are already seeing existing collectors and trusted curators embrace the platform."
He said the funds from this round will go to expanding the team, sourcing art work and finishing vital strategic collaborations.