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The resulting company are set to be one of the top 10 internet auctioneers, as calculated by the 2016 Hiscox Online Art Trade Report which put Paddle8 at fifth and Auctionata in ninth place (Christie’s were first).

Both of the firms are at a similar point in their growth. German-based Auctionata formed in 2012 and US-based Paddle8 in 2010. They target a market with prices that generally fall below $50,000, though both claim sales records topping $1m.

Each company will continue to operate under their own brand and from current bases under the new arrangement. The name of the company has not yet been announced.

The mergers follow a recent report by Auctionata’s auditors accusing them of a number trading violations earlier in their life.