Scottish luxury goods startup lands £300,000 investment IG News
Summary
SCOTTISH start-up Trademylux Limited has secured a \xa3300,000 investment from TRICAPITAL Angels Limited and Scottish Enterprise as it launches the first in a series of luxury resale platforms.The first venture, which will trade as sellmyartworks.com, will focus on the art resale market and is a prelude to introducing other luxury goods resale platforms as the business matures.The online platform aims to provide a transparent, secure and cost-effective alternative to buying and selling valuable pre-loved works of art through traditional auction houses, thereby creating liquidity and encouraging further art transaction activity.According to founder Bob Corsie, the few existing online art dealers in the UK focus on a limited number of well-known artists at the top of the market, meaning tens of thousands of artworks are being overlooked.Sellmyartworks.com aims to fill this void with a business that expects to sell over 300 artworks in its first year, followed by a strong growth trajectory.Corsie explained that the site evaluates a number of factors, including current trade prices for individual artists, the overall popularity of the artist, the auction houses results, and where and how the artwork should be listed.The original artist will also receive a royalty as part of the artists right to resell.The website says it has strict checks in place to prove the identity, ownership and authenticity of the artwork and will adhere to UK government and international guidelines.Corsie said: This is a project we have been working on for many years but has been put on hold due to the Covid pandemic and we are now delighted to have the financial and strategic support of TRICAPITAL and Scottish Enterprise.There is a real demand for an easy-to-use, safe and fair art resale service, with thousands of people looking to get rid of art for a number of reasons downsizing, unwanted gifts, heirlooms or simply falling out of love. bin.Similarly, there is a growing demand from the customer side that we can easily and cost-effectively satisfy.Often in auction house sales, the hammer price is a poor reflection of the actual value, and when high costs and commissions are deducted, the buyer is shocked at the total they have to pay, while the seller is disappointed.He continued: Many people own works of art they no longer want worth millions of pounds in total but have no satisfactory way of getting rid of them.This creates a chokehold in the market because they are reluctant to buy more art, but our platform will create liquidity by giving the seller a reasonable return to invest in more art, which benefits the entire art industry.Its a simple, fast, affordable and accessible way to buy and sell pre-loved artwork, and its a win-win for the seller, the buyer and the original artist.Moray Martin, CEO of TRICAPITAL Angels Limited, said: We are delighted to be supporting Trademylux as it embarks on the first chapter of what looks to be an exciting journey.Kerry Sharp, director of enterprise and investment at Scottish Enterprise, said: Trademylux has a unique proposition, using modern technology to support the continued success of an ancient industry.We look forward to following the companys progress as it launches its online platform.