Artsy Welcomes LVMH
Almost 15 years after Bernard Arnault’s sale of Phillips auctioneers at a considerable loss, just three years after the initial acquisition, the French millionaire is reinvesting in the art world with a stake in Artsy thanks to LVMH’s merger with Catterton.
According to The New York Times the private equity branch of LVMH, L Capital, is merging with the American private equity firm Catterton Partners. Catterton have recently invested $25 million in Artsy, leading a $25 million Series C round of fundraising for the online arts corporation. The new company, to go by the name of L Catterton is divided 60% owned by L Catterton’s partners, with LVMH and Groupe Arnault to own the remaining 40%. The new company, “the largest consumer-focused investment firm of the world,” will retain around $12 billion in assets says a statement. Other investors in Artsy include Eric Schmidt, Executive President of Google; Jack Dorsey, Creator of Twitter; Peter Thiel, Co-founder of Paypal; Larry Gagosian and Dasha Zhukova. Artsy establishes partnerships with various galleries, institutions, fairs and offers over 230,000 works for sale online between $100 and $1 million.
Bernard Arnault & Carter Cleveland, founder of Artsy