Heritage’s news release explains it this way:
“Joe Maddalena, the founder and CEO of Profiles in History, has joined Heritage in the role of Executive Vice President. When Joe reached out to us to explore the possibility of working with us at Heritage, we were immediately excited by the potential to enlist this talented former rival as our new colleague.”
The auction business has been seeing significant change as changing tastes, Covid-19 and internet efficiencies have been turning a very traditional field into a quite different experience for buyers and sellers. Welcome to the new world. Many auction houses are thriving but the costs to stay up-to-date, with what is becoming principally a software experience, will thin the ranks of the leaders. Many Profiles in History sales were highly important and Mr. Maddalena’s contributions in particular created the Hollywood/Entertainment category. He’s a significant addition to Heritage’s already formidable resources.
How and whether Mr. Maddalena’s team at Profiles in History at Calabasas, in California will be integrated into Heritage’s plans remained to be clarified.
Heritage is becoming dominant in its many categories and has offices today in Dallas, New York, Beverly Hills, San Francisco, Chicago, Palm Beach, London, Paris, Geneva, Amsterdam, and Hong Kong.
I’m sharing with you the announcement provided by Jim Halperin, Co-Chairman of Heritage Auctions: