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Increased focus on Stockholms Auktionsverk's Fine Art in partnership with Per Taube

 


Lauritz.com splits off Stockholms Auktionsverk Fine Art into an independent company, which will cultivate the most exclusive segment in the Swedish and international auction business through its own organisation. The renowned Swedish businessman Per Taube is buying in to the new company and will thus become a vital partner in the future independent Fine Art company.

Due to the new structure, the new company will take over the Lauritz.com group’s 15 proficient Fine Art experts as of 28/03/2018. The company will also take over the prominent Fine Art premises at Nybrogatan 32 in Stockholm. The new company Gelba Partners AB, is owned by Gelba Management AB (Per Taube's holding company), with a 51% stake, and by Stockholms Auktionsverk AB with a 49% stake (changes name to Lauritz.com Sverige AB). Gelba Partners AB will soon change its name to Stockholms Auktionsverk AB.

The Lauritz.com group will continue to run its online auctions from the group’s other 7 auction houses at Göteborg, Malmö, Helsingborg, Karlstad Hammarö and Helsinki. Up to and including 2023, these auction houses can choose to use Stockholms Auktionsverk’s brand, whereupon all houses will operate under Lauritz.com’s brand.

Finally, the Lauritz.com group has entered into an agreement with the new, independent Fine Art company to allow Gelba Partners AB to use the auction platform for a minimum of 10 years.

The chairperson of the board, Bengt Sundström, explains: "We are very pleased to have found such a strong and visionary partner in Per Taube. We believe in the expansion opportunities for Stockholms Auktionsverk Fine Art, and in our opinion, this business area is best run as a separate, goal-oriented company according to the specific premises that characterise the Fine Art environment. At the same time, the new structure allows our Lauritz.com organisation to prioritise development of Lauritz.com’s core business: running easily accessible online auctions within art, design and antiques in a price range of DKK 1,000 to 50,000.”

Per Taube adds: “I have always had deep respect for Stockholms Auktionsverk, which for me is a unique institution. Stockholms Auktionsverk is the world’s oldest auction house, a position that is built on solid traditions and a high level of expertise. Therefore, I am also proud to join Stockholms Auktionsverk’s separate Fine Art business as a new partner. I believe in the future potential of this business area, both in Sweden and internationally. We believe that it is healthy for Stockholms Auktionsverk to split off the Fine Art auctions, and the timing for this is ideal. This new structure enables a singular focus on the most exclusive part of the Swedish and international auction market. We have several initiatives up our sleeve and lofty ambitions for how to take our Fine Art performance to new heights, for the benefit of our existing and new selling and purchasing customers. I am looking forward to our collaboration with the Lauritz.com group, which will contribute at the board level with its extensive experience within modern auction operation.”    

The Fine Art Business is sold to Gelba Partners AB at a price of DKK 62.8 million (SEK 86.0 million), and will result in a gain impacting the EBITDA of the Group positively by approximately DKK 40 million.