Consynor.com is a short-term financing company located in Toronto, Canada that provides liquidity to auction house consignors who have consigned art or merchandise for auction. While the consignor waits for their item(s) to sell at auction which may up to 28 weeks, we advance funding to them collateralized by their item waiting to be sold at auction. We borrow money at a discounted rate and lend it at a premium rate at around 3% per month. Now that we have created the platform to deliver the funding to any consignor from any auction house we are looking for funds to service the $4 billion dollar art consignment market at over 3000 auction houses in North America.
The company’s founder and CEO, Donnie Kim, is a serial entrepreneur whom established and created 888 Auctions Inc. The leader in Asian Art auctions since 2011. He has also performed over 150 live auctions he brings the insider knowledge and industry experience to understand the specific pains of the industry. Using his skills, experience, and knowledge, the company’s owner will work along side his team members to lead the company to success.
Auction houses service this market by evaluating art, estimating the consignments and selling the items at auction. The total target market segment valued at $3 billion in 2014 with expected value of
$6.5 billion in 2021. Currently, the target market size is $4.4 billion for auction consignment finance. Consynor sees these numbers as an opportunity to grow and expand by way of first mover advantage. There is currently no direct competitor in our space.
Marketing of the auctions has been established for a few years through internet and word of mouth. Currently, we spend about $60,000 per year marketing on auction platforms which display our catalog and attract bidders to the auction. We utilize ads on social media as well as Google and Facebook PPC marketing to drive new leads and customers. Direct contact with potential customers is vital for a loyal consumer base.