Think of an auction house, and centuries-old institutions like Sotheby’s and Christie’s probably spring to mind. But a four-year-old start-up believes that it can become something of an online equivalent to those companies — and it has drawn big-name backers from the art world along the way.
The venture, Paddle8, plans to announce on Wednesday that it has raised $34 million in a new round of financing. Among those participating is the New York gallery owner David Zwirner, who is joining the company’s board.
With the new financing, Paddle8 is aiming to keep expanding worldwide, tapping into what its founders say is growing global demand for high-end collectibles.