Demand Media (DMD) Announces Acquisition of U.K.-Based The Other Art Fair
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Demand Media, Inc. (NYSE: DMD) announced that it has acquired The Other Art Fair, the U.K.’s leading art fair for discovering emerging artists. The Other Art Fair will complement Demand Media’s leading online art gallery marketplace, Saatchi Art. With more than 50,000 artists from over 100 countries and over 500,000 available works, Saatchi Art features an unparalleled selection of paintings, photography, sculpture, and drawings from some of the world’s most exciting emerging artists and rising stars. This transaction will allow Demand Media to offer buyers the ability to purchase art from emerging artists from across the globe, both digitally through Saatchi Art’s online art gallery and offline through The Other Art Fair events, thereby unifying the two fastest growing sectors of the art market and further disrupting the traditional art sales model.
The Other Art Fair, based in London, is well known amongst U.K. and Australian art lovers for its ability to introduce the best undiscovered talent through direct interactions between artists and buyers and experiential programming, appealing to a new generation of art collectors. Since the launch of its first London fair in 2011, The Other Art Fair has seen 327% growth in onsite attendance; its October 2016 edition to be held in London is expected to host approximately 15,000 attendees. This success has led to expansion, both in the U.K. and internationally, as The Other Art Fair currently presents established shows in Bristol, London and Sydney. With this acquisition, Demand Media will look to expand The Other Art Fair’s international presence with plans for additional fairs in Europe, Asia and North America.
“Saatchi Art provides an unrivaled online gallery for displaying and offering for sale the works of emerging artists. However, Demand Media has also long recognized the important role physical presence plays in the art buying decision for many consumers,” said Sean Moriarty, CEO, Demand Media. “Our acquisition of The Other Art Fair is a natural progression in the growth of our art marketplaces. Art fairs are one of the fastest growing categories of live events and The Other Art Fair is the leading fair for discovering emerging artists. The pairing of unparalleled access through online technology and the emotional connection created onsite at art fairs is a key factor in driving business expansion and increased audience reach.”
According to research from Hiscox, 2015 online art market sales reached $3.27 billion, a 24% increase year over year. Even with this strong online growth, 46% of millennial art buyers still prefer to purchase art offline. TEFAF recently reported that art fair sales are up 49% since 2010, with nearly $13 billion in sales worldwide in 2015. With this acquisition, Saatchi Art and The Other Art Fair are in a unique position to engage art buyers year-round, through continuous online access and global offline events, all highly curated by two of the art world’s most important destinations for emerging art.
“With a shared mission of identifying and supporting emerging artists from all over the world, Saatchi Art and The Other Art Fair are natural partners,” said Rebecca Wilson, Chief Curator and Vice President of Art Advisory, Saatchi Art. “The alliance of these two brands sets a new precedent for the art world, with seamless integration between Saatchi Art’s online gallery and The Other Art Fair’s offline events, creating even more opportunity for artists and art lovers alike.”
“We are thrilled to be working alongside Saatchi Art, the world’s leading online art gallery,” added Ryan Stanier, founder of The Other Art Fair. “This partnership will allow our distinctive brands and offerings to continue to build meaningful relationships with artists and art buyers through online tools while introducing new emerging art fairs and expanding our offline footprint to new markets.”
The Other Art Fair will continue to be headquartered in London and led by its founder Ryan Stanier, who leads a team managing the art fairs’ day-to-day operations.
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