Transparency has long been Auctionata’s top priority
KPMG Governance and Compliance report was commissioned by Auctionata’s management, in close consultation with the supervisory board The report refers to the early stage of the company, i.e. early 2013 to mid 2014 The audit was part of the preparations for an IPO and an ongoing professionalization All issues pointed out by the report have already been addressed in 2015
Berlin, April 6, 2016 – Two years ago, the Berlin-based online auction house Auctionata, made the issue of compliance and transparency a top priority. Since mid 2014, the company has been continuously working on the improvement of its internal compliance and governance structures. For this reason, Auctionata’s management commissioned the renowned auditing company KPMG to carry out a Governance and Compliance report in August 2014. After only two years in business, the young company made the strategic decision to improve standards and increase transparency on its own accord. The goal was to improve internal company standards on the basis of this report and to prepare for a potential IPO. Since the submission of the report in early 2015, Auctionata has systematically begun to make the necessary changes. All of the issues pointed out by the report are documented in a “Compliance Progress List” and progress on all fronts has been tracked and monitored for successful compliance. The supervisory board was fully informed about the report and its rigorous processing at all times. “The rapid growth of Auctionata made us soon realize that we could not continue on as a young startup could. For that reason, the management ordered a full-scale compliance audit. Wherever our standards were found to be lacking, we rigorously changed them,” says Alexander Zacke, Founder and CEO of Auctionata. “Naturally we made mistakes in the beginning, but we have worked hard to fix them.” Auctionata has carried out regular internal audits since the submission of the report, which has contributed to further improvement of compliance standards. Marc Vendolsky, Head of Legal, has been monitoring adherence to the legal and regulatory requirements and has been coordinating the improvements since his appointment in August 2015. He provides progress reports to the management and supervisory board on a regular basis. Dr. Christian Nagel, Chairman of the Auctionata Supervisory Board and Partner of Earlybird, comments: "The Supervisory Board, which represents the investors, was fully informed about the
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entire compliance process at all times. The commitment and achievements in meeting highest compliance standards are exemplary. Not least due to this reason, the management of Auctionata has earned the full trust of the Supervisory Board."
Press contact
Luisa Elster Director PR & Corporate Communications Phone: +49 30 610 8061 29 Email: communications@auctionata.com Auctionata AG | Franklinstr. 13 | 10587 Berlin | Germany www.auctionata.com
About Auctionata Auctionata brings the world of unique works of art, antiques and luxury collectibles to the internet. As the inventor of the livestream auction, Auctionata broadcasts auctions in real-time and provides an online auction room that is accessible to bidders worldwide via desktop and mobile devices. Auctionata also offers all of the typical services of a traditional auction house via its website: Valuation, authentication, curation, auction and all related services, including a full authenticity guarantee. Sellers benefit from the free and non-binding online valuation, which gives a first quick perspective on potential auction results. Auctionata professionals and its global network of over 300 experts from more than 40 countries ensure a proper assessment and authentication of each object that goes to auction. The spectrum ranges from paintings, prints, sculptures and antiques to furniture, design objects and porcelain, to watches, jewelry, wine and even classic cars. The company was launched by Alexander Zacke (CEO) and Georg Untersalmberger in 2012 in a hotel room in Berlin. Today, Auctionata is the biggest auction house in Germany and operates globally with offices in New York, London, Zurich, Rome and Madrid. The company recorded total net sales of â‚Ź81 million in 2015. Moreover, Auctionata set the world record for the most expensive work of art sold in an online auction, when it sold a Chinese clock for â‚Ź3.37 million (US $3.83 million) in June 2015. The investors include Earlybird, HV Holtzbrinck Ventures, Hearst Ventures and Groupe Arnault.
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