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Monday July 28, 2014

Online Art Seller Receives Millions in Funding

Raffles Institution ArtSpace

Raffles Institution ArtSpace (Photo credit: Wikipedia)

The online art-sales company, Artspace, which earned offered the Brooklyn Museum an opportunity to sell prints and other art has now raised $8.5 million in funding. Artspace hired 27-year-old Maria Baibakova, daughter of Russian magnate Oleg Baibakov to help increase their reach overseas.

Baibakova said that her investment in the company is part of her goal to create more opportunities for emerging artists in emerging economies abroad. She plans to expand partnerships that Artspace has cultivated in Europe and start new ones in Russia, China, the Middle East, and India.

Artspace was founded in March 2011 as an online platform for collectors to purchase works by contemporary artists from commercial galleries, museums, and nonprofits. The recent funding, led by venture capital firm Canaan Partners is part of the continuing growth and evolution of online art sale portals and auction platforms, the Wall Street Journal reported. During the last 18 months, Artspace has sold art to collectors in 28 countries and generated more than $1.5 million.

The Wall Street Journal