Fine Art Bourse

 

Facebook has censored Fine Art Bourse’s (FAB) adverts for the online auction house’s relaunch sale of erotic art on the grounds of indecency. In 2015, FAB, then based in London, went into receivership shortly before its first sale after running out of funds due to a delay in building the technology required to run the cloud-based auctions. .

But the founder, Tim Goodman, formerly owner of Bonhams & Goodman and then Sotheby’s Australia under license, has now relaunched the firm in his native Australia, charging a 5% premium to both buyers and sellers and avoiding VAT, GST and sales tax on service charges by running auctions via a server in Hong Kong.

When Goodman attempted to run a series of adverts for his relaunch sale of Erotic, Fetish, & Queer Art & Objects on 12 September, Facebook barred the adverts citing its policy against “adverts that depict nudity” including “the use of nudity for artistic or educational purposes”.

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Tim Goodman is no stranger to shaking up the artworld and is about to do it again with the re-launch on July 28th of his new auction house, Fine Art Bourse (F.A.B.) targeting industry leaders with a flat 5% deal to both buyers and sellers. Some eyebrows may be raised with F.A.B.’s first global cloud based auction, Erotic, Fetish & Queer Art, at 6.00pm Monday, 12 September (GMT - London Time).

This follows a successful auction sale of erotic art conducted in London last year by Sotheby’s and the highly successful exhibition at the Tate, Queer British Art 1861 – 1967. . “We are looking to source erotic art in the UK which has been home to some of the greatest collections of erotic art for years,” says Goodman. He believes that the industry dominated for over 200 years by a duopoly is ripe for a challenge given the huge charges they levy on their clients.

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SYDNEY - Tim Goodman is no stranger to shaking up the artworld and is about to do it again with the re-launch on July 28th of his new auction house, Fine Art Bourse (F.A.B.) targeting industry leaders with a flat 5% deal to both buyers and sellers.

EYEBROWS WILL BE RAISED Some eyebrows may be raised with F.A.B.’s first global cloud based auction, Erotic, Fetish & Queer Art, at 6.00pm Monday, 11 September (GMT - London Time). This follows a successful auction sale of erotic art conducted in London last year by Sotheby’s and the highly successful exhibition at the Tate, Queer British Art 1861 – 1967. . “We are looking to source erotic art in the UK which has been home to some of the greatest collections of erotic art for years,” says Goodman.

He believes that the industry dominated for over 200 years by a duopoly is ripe for a challenge given the huge charges they levy on their clients, anything from 20% to sellers and 25% to buyers plus a plethora of additional costs.

Indirect sales taxes — as well as copyright and resale royalty charges, both of which directly benefit artists — will also not apply because the hammer will fall on a Hong Kong server.

Goodman says: “Digital technology has disrupted many industries. Now, it is about to happen again – this time in the artworld. The High street art galleries are on the nose with the artists they represent. The traditional auction industry dominated by a duopoly is vulnerable, their fees spiralling out of control whilst their profits go south - and all this during an unprecedented art market boom.

Something has to give. For decades now the traditional auction industry’s costs have risen far quicker than revenues like in many other industries. Auctioneers have understandably raised their charges. However, for a seller today paying up to 50% fees (including buyer’s premium) this is ridiculous and simply unsustainable.

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Tim Goodman’s Fine Art Bourse (FAB) has entered into an advertising row with Facebook over nudity rules at the social media giant.

Goodman, the former chairman of Sotheby’s Australia, plans to relaunch his online auction firm with an Erotic, Fetish & Queer Art auction, scheduled for September 11.

However, its advertising strategy for the sale has not gone to plan after Facebook refused to publish images in the adverts.

In an email seen by ATG, Facebook said the advert was against its advertising guidelines, and added: “We don’t allow adverts that depict nudity, even if it isn’t sexual in nature. This includes the use of nudity for artistic or educational purposes.”

A FAB spokesman said that Facebook had asked for parts of the images to be “made ‘decent’ by covering up the offending bits”.

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Tim Goodman, former chairman of Sotheby’s Australia, is to relaunch his online auction house Fine Art Bourse (FAB) this month. The firm, hoping to disrupt the market by slashing fees for buyers and sellers, was mothballed two years ago after hitting financial problems before its first sale.

FAB is again launching with the aim of challenging a centuries-old business model. Goodman’s pricing model charges vendor’s and buyer’s fees of just 5% with free shipping promised to both buyers and sellers. Sales, conducted in real time with all lots guaranteed for six years, will be processed through headquarters in Hong Kong to escape sales taxes or artist resale royalties.

FAB was launched in London in June 2015 – with an auction planned for the following September – only to close within two months after running out of money. Ten staff at offices in Finsbury Park left and arrangements with 30 consultants were terminated. Goodman, who has expressed continued confidence in the business model, says he has learnt from the experience of the first launch.

The freshly funded operation will rely on a smaller team outsourcing cataloguing to specialists. He said the technology has been “redesigned and totally rebuilt”. London return The plan is for FAB to return to London but the model will be trialled first in Australia.

FAB’s first auction, Erotic, Fetish & Queer Art, scheduled for September 12, includes a collection of 30 enamelled cigarette cases.

FAB also plans a sale alongside Bondi Beach gallery Cooee Art on November 14. It includes Earth’s Creation I by Emily Kame Kngwarreye (c.1910-96), last sold for just over Aus$1m at Lawson-Menzies in 2007.

By Roland Arkell / antiquestradegazette.com

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