Determining the fair market value of shares for a global platform dealing in fine arts and its multiple subsidiaries across borders

Client : A platform for fine arts and collectibles

Service Offered : Due Diligence & Valuation

Sector / Industry : Auction Houses (online/offline)


Our client (Client/BVICo) operates a global platform for the auction of fine arts and collectables with its parent company based in the British Virgin Islands. BVICohas four subsidiary companies, two of which are in India (IndCo1 and IndCo2) and one each in the US (USCo) and the UK (UKCo). The Client allows customers to view and purchase fine arts, collectibles, modern commission art, and contemporary Indian art and jewelry. The Client set a benchmark for online art auctions and had a global presence with art gallery spaces across all major cities and a wide range of art.

  • Understand the Business and Group Structure
  • Evaluation of Valuation Approaches/Methodologies
  • Fair Market Valuation of Shares for Income Tax Reporting
  • Computation of Share Exchange Ratio for the merger

While considering the share exchange ratio for the merger of BVICoand IndCo1, we needed to consider that any balance would not have impacted the interest of any shareholders. In contrast, in the case of the merger of the IndCo1 and IndCo2, there were a few minority shareholders whose interests would have been impacted. Considering the same, we had recommended a ratio wherein the interest of all the stakeholders was protected.

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