Online auction site Paddle8 has moved to acquire a 3% share in art sales database and auction site Artnet.  The stake previously belonged to Redline Capital Management, which attempted a takeover of Artnet last year. “We see a lot of strength in Artnet, and feel that the two businesses are complementary,” says Paddle8 co-founder, Aditya Julka.  “Paddle8 will benefit from Artnet’s price database and listings business, contributing to a winning formula in leading the online auction space. This is not a takeover but rather a move towards collaboration in the future.” 

Read more at The Art Newspaper

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