Shaking Up the Auction World - Again
Friday 23rd January 2015
The internet has been responsible for some of the biggest shakeups in supposedly firmly established industries - that's the nature of a disruptive technology. As we grow used to what it really means to have instant access to information from almost anywhere in the world, however, and as an entire generation grows up never having lived without the internet, its role as a disruptive technology is starting to draw to a close - at least, so it may seem.
Nevertheless, it will be interesting to see whether or not high-profile collectors and their agents are willing to engage with the newcomer startup, which has already raised $2 million in seed money for the initial round of funding, and is hoping to gain another $5.4 million to complete startup operations. The entire model is intended to be lean, and, in the words of Goodman, "humble", although it's hard to see how a multimillion dollar business can ever be considered humble. Perhaps that's a reflection of just how grandiose the other players are in the market, and an excellent indicator of the success FAB is likely to find by playing its own role as a disruptive technology.
