DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous/Miscellaneous
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


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Language: English Company: Weng Fine Art AG Kimplerstraße 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)  
 
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