Abu Dhabi’s media arm twofour54 announced that it has acquired a stake in Collectionair, an online marketplace for fine art from emerging markets – specifically from the Middle East and Africa.
No details were revealed about the size of the stake or the value of the deal.
Collectionair was among the first batch of start-ups launched as part of Abu Dhabi-based Flat6labs’ accelerator programme in 2015.
The platform basically provides a globally accessible marketplace and a sharing community where people can buy, rent and swap works from emerging markets.
Users can also learn about artists’ journeys and cultural insights and read professional opinions on the pieces available on the platform.
Acting chief executive officer of twofour54 Maryam Al Mheiri said: “We will continue to support start-ups that help to fuel the industry with sustainable sources of innovation and creativity that enable the full value chain of the media and entertainment industry.
“Our partnership with Flat6labs is fundamental to facilitating entrepreneurship in Abu Dhabi.”
Founder of Collectionair Valerie Konde added: “We believe that art should be inclusive so our mission is to introduce contemporary art to people who don’t know where to begin.
“Initially working with the MENA art scene we are now ready to expand this to also include other similar emerging art scenes such as Latin America and South East Asia”.
Collectionair’s network of partners includes art curators, artist residencies, art schools and galleries from around the world, including London, New York and Dubai.
The platform has also attracted investment from Jordan-based early stage venture capital firm DASH Ventures.
Managing director of DASH Ventures Omar J Sati said: “We believe there is significant opportunity in the online art space and we are already seeing existing collectors and reputable curators embrace the platform.
“The funds from this round will go towards expanding the team, sourcing artwork, and inking key strategic partnerships.”
In 2014, the global art market was valued at $66bn with online art sales representing $3.5bn.
The sector is expected to continue growing, having more than doubled in the past 10 years.
By Aarti Nagraj
