Press release
Weng Fine Art AG sets up Company for Services and opens up new Segment
August 29, 2014Press Release
Weng Fine Art AG is expanding, as announced, in the services business around high-end art. These activities will be bundled into the subsidiary WFA Fine Art Services GmbH, which will be registered with a share capital of 500.000 CHF in Zug/Zurich, which is particularly suitable for international business. In parallel, an office for this company will be established in Krefeld to serve customers in Germany.
Through this Services Company, WFA develops - without a large capital outlay and without significant start-up costs - an additional platform to expand its service offering in the arts. The focus will be on the active management of private and commercial collections, and specifically towards the needs of financial institutions, insolvency administrators and inheritance advisors. WFA is thereby entering a new attractive segment of the art market.
A quantification of the associated new business revenues and expectations will be given in the beginning of 2015. However, the Management is confident that WFA Fine Art Services will already provide positive contributions to earnings in 2015. Moreover, synergies with other business areas of the WFA Group are foreseeable.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com), headquartered in Krefeld and with subsidiaries in Switzerland, is a leading international art trading and consulting company. The founder-led company combines long-standing expertise in the art market with business know-how. Other success factors are the inventory focused on artworks of the 20th and 21st centuries, as well as access to attractive financing options. On this basis, WFA continuously builds its operational activity and regional presence, and addresses new segments in the art market such as art e-commerce. Weng Fine Art AG is listed on the Entry Standard of the Frankfurt Stock Exchange.
INVESTOR RELATIONS CONTACT
Weng Fine Art AG
c/o edicto GmbH, Axel Mühlhaus
Eschersheimer Landstr. 42 | 60322 Frankfurt a.M.
Telefon +49 (0)69 905505-52 | Telefax +49 (0)69 905505-77
E-mail amuehlhaus@edicto.de
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