Fine Art Bourse

THE STORY OF F.A.B.

Our Founder Tim Goodman had been a fine art auctioneer for over forty years. He had owned and operated some of the leading auction brands in the southern hemisphere, including Sotheby’s Australia (1983), Leonard Joel (1919), Theodore Bruce (1878) and Bonhams & Goodman.

Like so many new and innovative businesses, Fine Art Bourse (F.A.B.) began as an idea conceived out of frustration with the status quo. Having sold all his auction businesses by 2012 Goodman was asked to advise a client regarding the sale of a substantial collection. Tim schlepped the project around the auction houses inviting proposals from them.The client was horrified at the fees of between 35 – 50% (including buyer’s premium and GST) charged by the traditional firms. The client, a successful & wealthy entrepreneur, asked Goodman to look at online options.The answer was surprising. There were no online options of any substance to be found locally or internationally.After months of research Goodman was convinced that the traditional auction industry was ripe for disruption and the F.A.B. online was born.

Since then Tim has:

Raised capital from 35 investors in Australia, India, China, Hong Kong and the UK.  

Appointed a strong board of investment bankers

Appointed an advisory board well representative of the emerging markets

Completed the design and production of the website and unique auction platform

 

F.A.B.’s mission is to make more art on the secondary market more accessible to more people. F.A.B. will continue to disrupt the old fashioned traditional auction houses by applying further digital cost efficiencies to bricks and mortar, human resources and printing.



1974

Tim Goodman holds an album of photographs by Julia Margaret Cameron at Sotheby’s London. Auctioneer Philippe Garner establishes a new world auction record

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2003

Tim launches Bonhams & Goodman in Australia.

This 1955 Mercedes Benz Gullwing delivered new to the last Shah of Iran made a world auction record when Tim Goodman brought his gavel down in Sydney in 2004.

 
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2006

Tim achieved the highest price for a foreign picture at auction in Australia at the time when this Indonesian painting by expat Adrien – Jean Le Mayeur sold in 2006.

 
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2009

Goodman acquired the auction house Sotheby’s Australia and a license to operate under the Sotheby’s brand from Sotheby’s Inc of New York. This is the only time Sotheby’s has licensed its fine art brand in its 243-year history.

 
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By 2009 Goodman’s First East Auction Holdings recorded record revenues and employed 70 staff. The group was the market leader in each of Fine Art, Jewellery and Collector’s Cars

 
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2010

Goodman was voted one of the five people having the most influence in the arts by the Australian Financial Review

 
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2015

F.A.B. establishes new offices at London’s Finsbury Park.

 
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2017

After technology challenges in 2015 F.A.B relaunches the business in 2017 with new capital, a new board and rebuilt technology.

 
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