Date of Award

2024

Document Type

MA Project - Restricted Access (SIA Only)

Project Type

MA Project - Business Plan

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Brendan Burns

Second Advisor

Judith Prowda

Abstract

The art market in Asia is booming, with sales in 2022 reaching $18.9 billion. This growth is being driven by a number of factors, including the increasing wealth of Asian collectors, the growing popularity of Western art in Asia, and the increasing availability of art education and information in Asia (Art Basel et al. 2023). There is a growing demand for auction houses that can provide a professional and trusted platform for buyers and sellers of art in Asia. This business plan outlines the establishment, operation and strategy for a new auction house, BearBid, that will focus on the Asian market. BearBid will offer a wide range of traditional art,
including paintings, sculptures, jewelry, collectibles, antiques, and other valuable items, accompanied with a range of services, such as appraisals, valuations, and consignment management. Additionally, BearBid will also offer innovative collectables from celebrities’ collections and other collectibles that coincide with real world events and pop culture. The mission is to provide a platform for buyers and sellers to engage in transparent, secure, and efficient transactions while offering something more aligned with current events and trends. BearBid will target a wide range of clients, including collectors, dealers, museums, and institutions. It will focus on building relationships with clients and providing them with the
highest level of service, taking advantage of lower cost of operation in Thailand. It will also engage with international museums, galleries and auction houses for potential collaboration. The main target market for BearBid is high-net-worth individuals and celebrities in Asia to source, exhibit, promote and auction the most unique valuables for the clients. BearBid will differentiate itself from its competitors by offering a high level of service, a deep understanding of the Asian market, and a commitment to providing the best possible value for its clients. BearBid will focus primarily on its online platform, and it will target both local and international buyers and sellers. BearBid will generate revenue from commissions on sales, fees for appraisals and other services, and advertising. To launch the physical auction in the 2nd year, the revenue generated from live selling in the first year is expected to fund the cost of operation in the 2nd year.

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