Tech Investors invest in Art Startups
The rise of startups that focus on the art world is somehow not surprising. This old market, which neither adopts nor opens to changes quickly, is starting to attract more young tech-artistic entrepreneurs who are looking for the next opportunity to change this market.
Just recently, the Winklevoss brothers, who also are known for their claims against Mark Zuckerberg around Facebook, announced that they are entering into the online art market by investing in Paddle8, an online auction house, connecting buyers and sellers of fine art and collectibles across the world.
The brothers, who invested heavily in Bitcoin, may consider the online art platform as a strategic investment in which Bitcoin owners will be able to purchase art online with Bitcoins. The investment of the Winklevoss brothers is joined to the latest trends of tech companies/entrepreneurs who get into the online art market. Read Neal Ungerleider’s article “BANKSY, BITCOIN, AND THE WINKLEVOSS TWINS: AN ONLINE ART WORLD LOVE STORY” on FastCompany.
Art startups are expected to raise $144.6 million in 2014, representing a 14 percent increase from 2013, according to data compiled by research company PitchBook Data Inc.