October 11, 2007
Saatchi’s Online Art-For-All Gallery Turns Over A Neat $130m
Charles Saatchi’s online gallery is generating an estimated $130m for the 70,000 artists that it has registered on the site. The site does not take commission and has only just installed PayPal. Saatchi has been pressured to commercialize the site but Saatchi is resisting, the FT reports:
However, Mr Saatchi told the FT on Wednesday: ”I am not interested in taking any advertising on the site, or any kind of commercial participation in artists’ sales.”
Until last week, sales could be arranged through the site, but there was no facility to buy directly. More than 16,000 works have already been registered for a new feature called Saleroom, which allows collectors to purchase directly from artists using the PayPal payment system owned by eBay.
Mr Saatchi said the sales generated over the site were not taking business from large galleries: “Our artists are often not represented and sell for modest prices. I am completely certain, though, that in 10 years’ time a number of the world’s top art stars will have emerged via our site.”
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January 4th, 2008 at 1:00 am
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