Webb's - bought by Australian auction house Mosgreen in 2015 - has exhibited works by New Zealand greats such as Colin McCahon. Picture / File photo NZME.
Webb's - bought by Australian auction house Mosgreen in 2015 - has exhibited works by New Zealand greats such as Colin McCahon. Picture / File photo NZME.
The Auckland auction house Mossgreen-Webb's isn't affected by its Australian arm going into voluntary administration, says its chief executive.
Mossgreen, which has branches in Melbourne and Sydney, bought Webb's auction house in Parnell in 2015.
At the time, chief executive Paul Sumner described Mossgreen as "Australia's largest and highest-grossing auctionhouse and the most favoured avenue for collectors when they are selling complete collections".
"Since acquiring the former Webb's auction house in New Zealand, the company is now run as a transtasman regional business," Mossgreen-Webb's says on its website.
Mossgreen in Australia was put into voluntary administration on December 21, according to a public notice.
Voluntary administration, according to the Australian Securities and Investments Commission (ASIC), is a process "designed to resolve a company's future direction quickly".
"An independent and suitably qualified person (the voluntary administrator) takes full control of the company to try to work out a way to save either the company or its business," ASIC says on its website.
Sumner said in a statement to clients and other stakeholders that "Mossgreen has chosen to take a path of voluntary administration during the month of January at a time that will least impact our clients and which will allow the company to restructure its business".
"The company is looking forward to a very strong calendar of auction-sales that are contracted and already catalogued for the first half of 2018, starting in February," he said in the statement.
"No vendors will lose any money in this process and neither will any of our staff, who will also be fully supported through this process."
