TORONTO, May 21, 2013 /CNW/ - Ritchies Auctioneers (Ritchies), Canada's premiere auction house, and Sugi Financial partner in the largest equity placement in the fine art industry ever to be witnessed in Canadian history. With offices in Dubai, Hong Kong and New York, the two partnering companies plan to take Ritchies successful auction model internationally.
The previously beleaguered Ritchies closed its doors in 2009 as a result of poor management and heavy operating expenses after decades of leading the auction industry in Canada. Now, brought back to life and strong profitability under a stellar new management team, Ritchies rapid growth and resurgence into the market has garnered attention of several notable investors from Toronto, Hong Kong and Dubai.
A Toronto firm, Sugi Financial, who has quietly participated in the funding of over $1 billon in Toronto condo projects during the Toronto condo boom, has been selected by Ritchies.
"We really wanted to stick with a Canadian partner and keep this as a true Canadian success story. Ritchies has been an institution in Canada for decades having sold the most important pieces to the most important Canadians. Now that we are taking our success international, we wanted a Canadian partner to stand behind us," commented Kashif Khan, Managing Director of Ritchies Auctioneers.
Ritchies success has resulted from breaking the mould of the standard auction model and adapting itself for the new realities of the business world. Ritchies has been able to do so by embracing new technologies to greatly reduce costs, focusing on the ultra high net worth luxury market, vertically integrating which allows greater efficiencies and better value for buyers and sellers, and looking beyond the Canadian market by attracting buyers from China, India, Russia, Australia, South America, England, Germany, France.
New funding will allow Ritchies to accelerate its international growth plans and continue to take its Canadian auctions to a higher level and lead the market domestically.
"We are excited about our partnership with Ritchies. The new team is revolutionizing the way the auction house model will operate in the future. With all of the uncertainty in real estate and the markets, we are pleased to take a position in Ritchies at a time where the company is about experience explosive growth," eagerly expressed Joe Suguitan, CEO of Sugi Financial.
Location: Ritchies Auctioneers - 777 Richmond Street West, Toronto
Date: Thursday, May 23, 2013
Time: Interviews may be scheduled between 10:00am - 8:00pm
For further information:
about Ritchies Auctioneers and Sugi Financials, or to schedule a one on one interview with Kashif Khan or Joe Suguitan, please contact;
Sadaf Piracha, BuzzPR at 416-777-2899 or by email firstname.lastname@example.org