Weng Fine Art AG
Weng Fine Art AG completes Realignment of B2B-Trade with Record Deal of 2.8 Million Euro
DGAP-News: Weng Fine Art AG / Key word(s): Strategic Company Decision/Incoming Orders 2015-09-30 / 09:00 --------------------------------------------------------------------- PRESS RELEASE | 30 SEPTEMBER 2015 Weng Fine Art AG completes Realignment of B2B-Trade with Record Deal of 2.8 Million Euro With the completion of a portfolio sale of EUR 2.775.000, Weng Fine Art AG completed the realignment of its B2B trade. Similarly to the e-commerce subsidiary WFA Online AG, WFA Trading GmbH - a 100% subsidiary of the art trader, listed on the Frankfurt Stock Exchange - focuses on the future growth of the "Post War & Contemporary Art" segment. The inventory in "Impressionist and Modern Art" had already been considerably reduced over the past 4 - 5 years. The company has now managed to pass on the entire remaining stock to one of its distributors. The portfolio includes works by many famous artists such as Marc Chagall, Henri Matisse, Joan Miró and Pablo Picasso. The profit of this transaction, which will be accounted for over 2015 and 2016, amounts to more than EUR 750,000. "The Classic and Modern segment was the nucleus of our B2B trade and their art-historical value is beyond doubt", says WFA CEO Rüdiger K. Weng, and justified the withdrawal from this segment with the positioning of the company: "We are not an investment fund, which manages only stocks, but a trading company that will actively serve the preferences of the market - and the demand is focused more and more on Post-War and Contemporary Art ". 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 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 Rüdiger K. Weng, CEO Kimplerstrasse 294 | 47807 Krefeld | Germany Phone +49 (0)2151 93713-0 | Fax +49 (0)2151 93713-29 E-mail rkweng@wengfineart.com --------------------------------------------------------------------- 2015-09-30 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 End of News DGAP News Service --------------------------------------------------------------------- 398565 2015-09-30
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found