Weng Fine Art AG with another Portfolio Deal and doubled Revenue Forecast for E- Commerce Subsidiary
23rd Sep 2015
PRESS RELEASE | 21 SEPTEMBER 2015
Weng Fine Art AG with another Portfolio Deal and doubled Revenue Forecast for E-commerce Subsidiary Weng Fine Art AG reports a second portfolio deal. A couple of days after the e-commerce subsidiary WFAOnline AG, WFA Trading GmbH also completed a large-volume deal. It signed an agreement on the sale of prints and multiples with an international distribution partner for EUR 825,000. This transaction is the highest individual deal since WFA Trading was set up in 2011. Most of the revenues of this transaction will become effective in 2016.
The company, a 100% subsidiary of Weng Fine Art AG, which is listed on the Frankfurt Stock Exchange, is in negotiations for additional portfolio deals. At the same time, WFA Online AG has significantly raised its revenue prediction for the current fiscal year. The company, which is based in Zug/Switzerland, launched its website www.wengcontemporary.com only on 28 May 2015 and is now targeting sales of more than 1 mio. EUR for 2015. Originally, revenues in the first year were expected to add up to only EUR 500.000.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and Switzerland, is a leading internationally 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 inventory of artworks of the 20th 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.
Weng Fine Art AG
Rüdiger K. Weng, CEO
Kimplerstrasse 294 | 47807 Krefeld | Germany
Phone +49 (0)2151 93713-0 | Fax +49 (0)2151 93713-29