Corporate | 13 May 2015 09:30
DGAP-News: Weng Fine Art AG / Key word(s): Market launch/Expansion
2015-05-13 / 09:30
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PRESS RELEASE | 13 MAY 2015
E-Commerce Platform of Weng Fine Art Group
"Weng Contemporary" will be launched on May 28
WFA Online AG, a 100% subsidiary of Weng Fine Art AG headquartered in
Zug/Switzerland, will now launch their e-commerce platform "Weng
Contemporary". Following the release of a private beta version, the website
will be presented to the public on May 28th with an event in London.
"Weng Contemporary" will focus on offering fine art multiples (print and
sculptural editions) with an assortment of more than 100 works of the most
important contemporary artists at prices between USD 1,000 and 100,000 -
including works by Gerhard Richter, Andy Warhol, Jeff Koons, Robert Longo
and Alex Katz. The actively curated portfolio is continually being
expanded; from 2016 WFA Online will not only act as a dealer, but also as a
publisher of editions. "Weng Contemporary" is the first website in the
international art market, on which prices and availability of the works
offered are guaranteed. There are also "bid" prices published for the most
important editions that the company is involved in.
For the remaining months of the first financial year, WFA Online AG is
aiming for revenues of at least EUR 500,000. The start-up costs are so far
significantly below the planned targets. At last accounting date 31.01.2015
(Consolidated Financial Statements of the WFA group), even a positive
interim result of EUR 187,000 will be reported - due to exchange rate
effects. Despite the now imminent investments in marketing and branding,
WFA Online AG assumes that the start-up losses will amount to no more than
EUR 500,000, which will be easily covered by the current shareholder
capital of more than EUR 2.5 million. It is also important for the company
that Deutsche Bank, Commerzbank and HVB, the most prominent addresses of
the German banking sector, could be won as financing partners for the
online business.
Further details on the strategy of WFA Online AG will be given no later
than during the September 21 Annual General Meeting of the parent company
Weng Fine Art AG in Krefeld.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and
Switzerland, is a leading in-ternationally operating art dealing and art
service company. The founder-led company combines a long-term expertise in
the art market with economic know-how. Other factors of success are the
large invento-ry of artworks of the 20 and 21st century as well as the
access to attractive funding. In addition to the traditional art dealing
activities the company targets a leading role in the art e-commerce. Market
know-how, the lack of competition and the comprehensive company-owned stock
of high quality artworks will be the key to success of WFA Online AG in
this segment. The shares of Weng Fine Art AG are listed in the Entry
Standard of the Frankfurt stock exchange.
CONTACT
Weng Fine Art AG
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 937130 | Fax +49 (0)2151 93713-29
E-mail rkweng@wengfineart.com
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2015-05-13 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Regulated Unofficial Market in Berlin; Open Market (Entry
Standard) in Frankfurt
End of News DGAP News-Service
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