The proposed merger will provide the new entity with a strong presence in Milan, Florence, Rome and Venice, and the aim is to close 2002 with sales of over €90m. Giorgio Corbelli’s minority holding of Finarte,
and his majority holding of Semenzato, will be exchanged for a 47.27 per cent holding of the new company, which will be known as Finarte-Semenzato Casa d’Aste S.p.A.
Giorgio Corbelli is currently under investigation for the alleged sale of fake artworks through his TV sales channels though the auction houses with which he is associated were not called into question.
Italy’s top auction houses to merge
ITALY: VENICE-based auction house Semenzato is to be merged into Finarte of Milan in early August with a view to taking on Sotheby’s and Christie’s head on in Italy.
