Monday, November 02, 2015

Sold to the gentleman with the tea cup

As expected, for all the talk of renewal, Webb’s has been sold subject to some details being confirmed. The new owner is Mossgreen Auctions. It's based in the Melbourne suburb of Armadale in an old movie theatre with a business model not dissimilar from that of the recently start-up Bowerbank and Ninow on K Road. That means dealer gallery exhibition functions and auctions mashed together. In Mossgreen’s case high tea has also been added to the mix for collectors who like to get close to a well-made scone. ‘It brings in the type of people we’re likely to do business with.’ Along with art Mossgreen also focuses on jewelry, oceanic and tribal art, stamps, coins and postal history. Sound familiar? Unsurprisingly, given the success such events have been over the last ten years, Mossgreen also specialises in single owner auctions in art and design. How Webb's debts were sorted out is unknown but the handover is expected on 1 January next year. LATER: Webb's is to be sold for a potential loss at $800,000 which will be half on agreement and the remaining $400,000 in quarterly instalements.