German art dealing company Weng Fine Art AG is expanding 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. 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,” said the company in a release.
A quantification of the associated new business revenues and expectations will be given in the beginning of 2015. However, the management said it is confident that WFA Fine Art Services will already provide positive contributions to earnings in 2015. It added that synergies with other business areas of the WFA Group are foreseeable.