Press Release

Artfact, LLC, the leading supplier of marketing services, databases, and software to traditional antiques and fine art auction houses announced that it will acquire Invaluable Group Limited under a definitive stock purchase agreement signed by the controlling shareholders of both companies.

Artfact, based in Newton, Massachusetts, U.S.A. and Invaluable, based on the Isle of Wight in England, manage the world’s largest databases of auction results aggregated from over 1,000 international antiques and fine art auction houses. The combined auction results database will have more than 50 million records for art, antiques, and collectibles with an aggregate sales total exceeding $100 billion, and includes the unabridged catalogue lot entries as originally researched and written by auction house experts. In addition to auction houses that use the archival database to research and price objects for sale, Artfact and Invaluable offer their database services to more than 50,000 collectors, dealers, galleries, libraries, museums, appraisers/valuers, insurance companies and others interested in art, antiques, and collectibles.

Adam Kirsch, Chairman and CEO of Artfact, stated, “The acquisition of Invaluable is a logical step following our merger with RFC Systems last February. Invaluable’s strong brand and experienced team in the United Kingdom will supplement Artfact’s presence. Artfact already provides enterprise software systems and support for some of the leading auction houses in Europe like Spink, Artcurial, Galerie Koller, Gorringes, Lyon & Turnbull, and Tajan to name a few. By combining Artfact’s and Invaluable’s auction results databases, subscribers to both companies’ services will benefit greatly.”

Rod Funston, President of Artfact, added, “This acquisition greatly enhances Artfact’s marketing and sales efforts in the United Kingdom and the rest of Europe due to Invaluable’s 18-plus years providing more than 200 of the most respected auction houses in the U.K. with marketing and database services. Invaluable’s relationships with these auction houses provide Artfact with significant growth opportunities for its auction house enterprise software, marketing services including eBay Live Auctions e-commerce, and database services.”

Howard Lewis and Michael Lee, shareholder representatives of Invaluable issued the following statement: “The Invaluable shareholders are very pleased that the company’s clients and employees will join forces with the fine team at Artfact. Together Invaluable and Artfact will offer auction houses a full set of proven solutions, and the best support available to meet their most challenging information systems needs in a rapidly changing technology environment. In particular, we believe that Invaluable’s U.K. auction house clients will appreciate access to Artfact’s enterprise software and enhanced e-commerce marketing services.”

Both Artfact and Invaluable are privately held. Other terms of the transaction were not disclosed.

Posted: 10|27|06 at 9:13 am. Filed under: UK News.