LiveAuctioneers, a leading online live-auction source for fine and decorative art, antiques, jewelry and vintage collectibles, has received a strategic investment from Cove Hill Partners, a long-term oriented private equity firm that manages over $1 billion from its investors and founders. The transaction was finalized this month, according to LiveAuctioneers Executive Chairman Jason Finger, and makes Cove Hill the majority owner of the company.
Cove Hill’s financial commitment will enable deep investment in technology solutions for auction houses, including mobile advertising, custom websites, inventory management, and after-sale processes. Building on the recently announced “Live-to-eBay” partnership that enables after-auction sales to instantly move venue from LiveAuctioneers.com to eBay.com, LiveAuctioneers will also continue to innovate with creative marketing to reach new buyers worldwide.
“LiveAuctioneers excels at bringing new and high quality buyers to auction houses. We were first-to-market with mobile apps, live-auction video streaming, cryptocurrency acceptance and easy online payments,” said LiveAuctioneers CEO Phil Michaelson. “We also lead the industry with search alerts, timed auctions that feel like live events, and after-sale buy it now programs. We will keep innovating so that buying through LiveAuctioneers continues to be a best in class experience.”
“We are honored to join the roster of exceptional companies in which Cove Hill has invested,” Michaelson continued. “They are disciplined investors who seek to work with strong management teams and profitable enterprises and have a history of investing in high-growth technology-enabled businesses. Their long-term capital commitment provides us with the platform to invest in additional capabilities. The additional funding will enable faster time to market for functionality and services that accelerate our auction house partners’ online sales growth and simplify their operations.”
“After surveying the landscape of businesses across the industry, the decision to partner with Phil and LiveAuctioneers was clear,” Cove Hill Partners co-founder and Managing Director Zack Kaplan said. “Our analysis demonstrated that auctioneers who work with LiveAuctioneers generate more consignments and deliver the best results for consignors. This is a direct reflection of the strong leadership team built by Jason and Phil, a highly liquid online marketplace, and the company’s commitment to offering value-added products and services to its auction-house partners. We look forward to many years of collaboration with Phil, CTO Rob Cummings, and the rest of the LiveAuctioneers team as they enable auction houses to reach a broader audience of bidders and buyers online and across the world.”
Michaelson will continue to lead the company as CEO in delivering measurable results for auction house partners. Finger will continue to serve on the board of directors.
