DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous/Miscellaneous
Weng Fine Art AG establishes new Subsidiary for Art E-Commerce
21.07.2014 / 09:00
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PRESS RELEASE | 21 JULY 2014
Weng Fine Art AG establishes new Subsidiary for Art E-Commerce
Weng Fine Art AG (WFA) has established on July 18, a 100% owned subsidiary,
WFA Online AG, with headquarters in Zug, Switzerland. The company will
operate in art e-commerce, focusing on the online trading of contemporary
art.
The art market is one of the last markets in the world which has not yet
experienced rapid development in e-commerce. But WFA Online AG feels that
the time is right to get involved in this promising business.
With access to marketable artworks and a large-volume purchasing budget,
WFA Online AG should have a competitive advantage from the beginning, which
is likely to be a critical success factor in e-commerce.
The growth of WFA Online AG will not be detrimental to its profitability,
with profits already planned for fiscal year 2015. Specified forecasts for
the company will be published in the beginning of 2015. The Board of
Directors will be led by Nicolas Mak, who previously worked for Weng Fine
Art AG.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and
financially strongest art dealerships in Europe. The company focuses on
works of internationally renowned artists from the 20th century and, in its
core business, exclusively supplies commercial addresses (B2B) - among them
the leading auction houses, dealerships and galleries. The expertise and
market positioning gained over nearly 20 years serves as a basis for new
business segments such as auctions, e-commerce and art consulting. Weng
Fine Art AG shares are traded on the Frankfurt Stock Exchange since 2
January 2012.
CONTACT
Weng Fine Art AG
c/o edicto GmbH, Axel Mühlhaus
Eschersheimer Landstr. 42 | 60322 Frankfurt a.M. | Germany
Phone +49 (0)69 905505-52 | Fax +49 (0)69 905505-77
E-mail amuehlhaus@edicto.de
End of Corporate News
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Language: English
Company: Weng Fine Art AG
KimplerstraÃe 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: Freiverkehr in Berlin; Frankfurt in Open Market (Entry
Standard)
End of News DGAP News-Service
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278456 21.07.2014
DGAP-News: Weng Fine Art AG establishes new Subsidiary for Art E-Commerce
| Source: EQS Group AG