AUSTRALIA, Australia (AP) One of the world’s largest auction houses says it is selling its assets after losing $6 billion to one of the biggest tech auctions in history.
Auction house IBAC reported Thursday that it had sold off nearly 10 per cent of its assets, including its headquarters, to China’s Alibaba Group Holding Ltd., a Chinese technology conglomerate that also owns the popular online auction platform Baidu Inc. IBAC said it was also selling off a third of its other assets including its offices, data center and other assets.
A spokesperson for Alibaba Group declined to comment.IBAC, which runs the world-leading auction house auction of the year, said it had lost $6.3 billion to the auction in the year to June 2018.
It also said it sold about $1.5 billion of its stock, mostly in shares of the Chinese internet giant.IBC says the $5.3 million in losses was more than it expected to receive.
It expects to recoup about half its initial losses.
The company said it will use the proceeds to pay back its loan to the government, but that it could take a “considerable time” to repay the money.IBCC is the largest auction house in the world, with more than 50 million auctions taking place each year.
It is the world leader in internet auctions and the most successful of all.