Abu Dhabi`s twofour54 purchases stake in online art market

Abu Dhabi s media arm twofour54 revealed that it has actually acquired a stake in Collectionair, an online marketplace for art from emerging markets specifically from the Middle East and Africa.

No information was revealed about the size of the stake or the value of the deal.

Collectionair was among the first batch of start-ups released as part of Abu Dhabi-based Flat6labs accelerator program in 2015.

The platform generally supplies a worldwide accessible marketplace and a sharing neighborhood where individuals can buy, rent and swap works from emerging markets.

Users can likewise find out about artists journeys and cultural insights and check out expert opinions on the pieces offered on the platform.

Performing chief executive officer of twofour54 Maryam Al Mheiri said: We will remain to support start-ups that assist to fuel the market with sustainable sources of development and creativity that enable the full value chain of the media and entertainment industry.

Our partnership with Flat6labs is essential to helping with entrepreneurship in Abu Dhabi.

Creator of Collectionair Valerie Konde included: We think that art should be comprehensive so our mission is to introduce contemporary art to individuals who wear t know where to start.

Working with the MENA art scene we are now all set to expand this to likewise consist of other similar emerging art scenes such as Latin America and South East Asia.

Collectionair`s network of partners consists of art curators, artist residencies, art schools and galleries from around the world, consisting of London, New York and Dubai.

The platform has actually likewise brought in investment from Jordan-based early phase venture capital firm DASH Ventures.

Managing director of DASH Ventures Omar J Sati said: We think there is significant chance in the online art space and we are already seeing existing collectors and reputable managers embrace the platform. The funds from this round will go to expanding the group, sourcing art work, and inking key strategic partnerships.

In 2014, the international art market was valued at $66bn with online art sales representing $3.5 bn. The sector is anticipated to continue growing, having actually more than doubled in the past 10 years.