DGAP-News: Weng Fine Art AG / Key word(s): Market launch/Expansion
2015-05-13 / 09:30

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PRESS RELEASE | 13 MAY 2015

E-Commerce Platform of Weng Fine Art Group "Weng Contemporary" will be launched on May 28

WFA Online AG, a 100% subsidiary of Weng Fine Art AG headquartered in Zug/Switzerland, will now launch their e-commerce platform "Weng Contemporary". Following the release of a private beta version, the website will be presented to the public on May 28th with an event in London.
"Weng Contemporary" will focus on offering fine art multiples (print and sculptural editions) with an assortment of more than 100 works of the most important contemporary artists at prices between USD 1,000 and 100,000 - including works by Gerhard Richter, Andy Warhol, Jeff Koons, Robert Longo and Alex Katz. The actively curated portfolio is continually being expanded; from 2016 WFA Online will not only act as a dealer, but also as a publisher of editions. "Weng Contemporary" is the first website in the international art market, on which prices and availability of the works offered are guaranteed. There are also "bid" prices published for the most important editions that the company is involved in.
For the remaining months of the first financial year, WFA Online AG is aiming for revenues of at least EUR 500,000. The start-up costs are so far significantly below the planned targets. At last accounting date 31.01.2015 (Consolidated Financial Statements of the WFA group), even a positive interim result of EUR 187,000 will be reported - due to exchange rate effects. Despite the now imminent investments in marketing and branding, WFA Online AG assumes that the start-up losses will amount to no more than EUR 500,000, which will be easily covered by the current shareholder capital of more than EUR 2.5 million. It is also important for the company that Deutsche Bank, Commerzbank and HVB, the most prominent addresses of the German banking sector, could be won as financing partners for the online business.

Further details on the strategy of WFA Online AG will be given no later than during the September 21 Annual General Meeting of the parent company Weng Fine Art AG in Krefeld.

ABOUT WENG FINE ART AG

Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and Switzerland, is a leading in-ternationally operating art dealing and art service company. The founder-led company combines a long-term expertise in the art market with economic know-how. Other factors of success are the large invento-ry of artworks of the 20 and 21st century as well as the access to attractive funding. In addition to the traditional art dealing activities the company targets a leading role in the art e-commerce. Market know-how, the lack of competition and the comprehensive company-owned stock of high quality artworks will be the key to success of WFA Online AG in this segment. The shares of Weng Fine Art AG are listed in the Entry Standard of the Frankfurt stock exchange.

CONTACT

Weng Fine Art AG
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 937130 | Fax +49 (0)2151 93713-29 E-mail rkweng@wengfineart.com



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2015-05-13 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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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: Regulated Unofficial Market in Berlin; Open Market (Entry Standard) in Frankfurt  
 
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