Artfact Raises $13 Million an Merges with Auctionzip

Artfact (now known as Invaluable) recently released news  that is was merging with Auction zip, the large director of live auction houses and also closed on a $13 million capital financing venture.  The loan is to assist with the merger as well as expand product development, marketing and sales.

The press release states that each company will maintain its own brand for now.

Since the closing of the eBay live auction platform, Artfact (Invaluable) has become very aggressive in promoting and adding to its product line.

The press release states:

(Boston, MA) – Artfact, the world’s leading online live auction marketplace announced today its merger with Auctionzip, the world’s largest directory of live auction listings. Simultaneously, Artfact closed a $13 million growth capital financing provided by Boston-based Commonwealth Capital Ventures and Ascent Venture Partners. In addition to facilitating the merger, the funding will be used to expand product development, marketing, and sales efforts.

Combined, Artfact and Auctionzip provide over 16,000 estate auctioneers of all sizes worldwide with a complete range of technology and marketing services including online live bidding, and integrated auction management software. Through their websites Auctionzip.com, Artfact.com, and Invaluable.com, the companies allow 2 million art, antiques, and collectible dealers and collectors unprecedented access to search over 160,000 estate auctions each year with a combined value of over $25 billion.

Adam Kirsch, Chairman and CEO of Artfact, said, “Auctionzip’s founders, Joe Koval and Steve Johnson, have built the only comprehensive auction listing service for the fragmented U. S. estate auctions industry. Together, Auctionzip and Artfact provide estate auctioneers and their dealer/collector bidders with the largest online marketplace dedicated entirely to the unique requirements of live auctions.”

Steve Johnson will continue as Auctionzip’s President, and provided his remarks; “Merging with Artfact is a logical step for Auctionzip now. Auctioneers listing on Auctionzip.com received over 200,000 absentee bids during the last year from the Auctionzip.com bidding community of over 1 million monthly unique users. In March, 2010 Auctionzip will launch Auctionzip Live using Artfact’s leading live bidding technology and auction management solutions to become a true live bidding marketplace just like Artfact Live.”

Moving forward, each company will maintain its distinct brand, website, and office location in Allston Massachusetts (Artfact), Bedford, Pennsylvania (Auctionzip), and the Isle of Wight, U.K. (Invaluable).