Digital Peer-to-Peer Marketplace Achieves Sales Approaching $5 Million During First Days of Limited Launch Including Six-Figure Prices for Works by Amoako Boafo & Ed Clark
1,000 Works of Art Valued at $120 Million in Pipeline for Sale
16/06/2021 — NEW YORK — (BUSINESS WIRE)
LiveArt is pleased to announce the public launch of LiveArt Market, the digital peer-to-peer marketplace that places control into the hands of sellers and buyers. LiveArt Market began limited, invitation-only trading last week and has already achieved sales approaching $5 million, with more than 1,000 works of art valued at approximately $120 million in the pipeline for sale. Prices have ranged between $50,000 and $500,000, with works by Amoako Boafo and Ed Clark commanding six-figure sums. Early offerings available for purchase include works by Derrick Adams, Jean-Michel Basquiat, Yayoi Kusama, Pablo Picasso and Andy Warhol, among others.
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Yayoi Kusama, Little Flower, 1952, Gouache, pastel, ink, pen on paper, 11.5 x 8.5 in (Photo: Business Wire)
LiveArt puts collectors in control by providing participants with one destination for real-time information and an efficient and secure marketplace in which to privately transact. All LiveArt Market participants are extensively vetted and therefore can transact anonymously in virtual deal rooms. Additionally, sellers can control the visibility of their works of art and only share exact details and images once they are comfortable with a potential buyer – addressing two key concerns often raised by market participants.
Marisa Kayyem, Chief Content & Data Officer for LiveArt: “Privacy is a hallmark of LiveArt, critically important for those who want to pursue a potential sale or purchase without the risk of overexposing a work or revealing a collecting strategy. At the same time, LiveArt offers more transparency into the sale process than any other platform or venue – a single seller and a single buyer, and straight-forward and low fees. The virtual deal rooms empower both sellers and buyers to control the outcome and all-in price.”
Sellers upload works of art from their own collection to LiveArt’s AI-powered comprehensive data platform and instantly receive a LiveArt Estimate™, view price trends and comparable sales, and make informed decisions about a potential sale.
Buyers discover works by browsing the LiveArt Market and viewing works listed publicly, as well as those listed privately – where comparable works are shown and details are only shared once the seller approves. Once there is commitment to move ahead with a sale, the work is shipped to a secure facility in Delaware for inspection before the sale is completed. Funds are held in escrow before being released to the seller, and a flat 10% fee is charged to successful purchasers.
George O’Dell, Executive Vice President of LiveArt: “LiveArt provides a level of access and discovery that was previously available only to the most seasoned market participants. The platform is an exciting place for collectors to engage directly and chase otherwise unavailable blue-chip treasures, observe the latest trends, and discover artists usually reserved for a small coterie of insiders. For the first time, collectors anywhere in the world will have access to an exciting offering of works to suit all tastes.”