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Thursday, 14 August 2014 12:26

Phaidon Acquires Artspace.com

Billionaire Leon Black’s publishing company Phaidon acquired Artspace.com, an Internet startup that sells works by contemporary artists, as investors struggle to figure out how to make money from art online.

Phaidon, a publisher of art and design books, agreed to buy Artspace, the companies said today in a statement without disclosing the price. The deal is the latest in a wave of mergers and partnerships shaking up the Internet art market even as profit in the nascent industry remains elusive.

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Art.sy, a New York City-based startup, which helps art lovers discover new works of interest using a Pandora-like model, has been at the center of an unexpected controversy. Art.sy shares the same official domain suffix (.sy) as the Syrian Arab Republic and as conflicts continue to rise in the worn-torn country, it has become clear that Art.sy needs to make some adjustments.

Art.sy’s main webpage was taken offline on January 2, 2013 and traffic was redirected to a backup site, Artsy.net. Officials explained that Art.sy’s domain, which had been paid for through the end of the year, was coming up as incorrectly expired and that the site would be restored the next day. As of January 4, Art.sy has officially changed its name to Artsy and moved its domain to artsy.net, permanently.

Artsy purchased their .sy domain in 2009, before the violence in Syria began to worsen. The site, which offers over 21,000 high-resolution artworks for the enjoyment of users, hopes to run uninterrupted from now on.

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