Chrissie Masters has won the prestigious South East Start Up category in The Small Business Growth Awards supported by the Federation of Small Businesses (FSB) and HSBC UK for her new enterprise, Palladium Vaults.
Chrissie graduated from the Founder Institute London last summer, a business ‘accelerator’ which is based in Silicon Valley. Co-owner with her husband John of The Design Gallery for 23 years, Chrissie recognised that the time is right for a tech-enabled solution to her customers’ problems.
“Every day my clients ask me, ‘What is this piece? What is it worth and how can I sell it?’ So I will research it, talk to experts and advise the clients on the best routes to market – whether this is to sell to a collector, specialist dealer or place the item at auction.
“Using leading edge artificial intelligence and our network of international experts, we can now speed up the authentication, valuation and sales-matching dramatically,” she explains.
Within months, Chrissie has unlocked millions of pounds worth of pieces awaiting appraisal. From a 1937 BMW racing car to 350 silver miniatures, a museum quality, inherited collection of Asian artefacts based in Italy, to paintings, fine jewellery and sculpture sourced from a leading conservation company.
“We will be the Antiques Roadshow online. Many people have items in their homes which they would like to have valued, to understand an item’s history and its unique story. You may well have inherited pieces, be moving home or downsizing. It is often time-consuming and can be difficult to find the best people to advise you. I believe that it is important to reveal the true worth of special pieces, and to sell them at the right price at the right time.
“Fortunately I have some of the UK’s leading AI ‘techies’ guiding the build of the platform. Now it all comes down to raising the finance to take this concept fully to market.”
Chrissie has just started the search for investment and has ‘angel funding’ pledged by loyal clients. “Women receive less than 2% of venture capital, so angel investors make the most sense for me. Thanks to the Founder Institute and to communities of founders and advisors such as Alma Angels and Female Founders Rise, I am now part of a close-knit ecosystem of founders and investors, many of whom have built and sold more than one company.
“Being an entrepreneur is definitely addictive. I’ve met many people who have created and built a company, sold it for a large sum of money, only for another completely different idea to catch their attention and they decide to ‘go again’. Or like Joanna Jensen who set up the children’s skincare business Child’s Farm, selling for around £38 million to PZ Cussons, many exited owners become mentors to support other founders on their journeys.”
Chrissie says that she has global ambitions for the company, which she is calling Palladium Vaults. Palladium is a precious metal and is a catalyst – this appeals to Chrissie as she is looking to revolutionise the way that antiques and luxury goods are valued and sold.
“This is a super-scalable enterprise and we will serve insurance brokers and estate executors as well as the public.”
Alongside her new venture, Chrissie and John are re-opening their showroom and warehouse this month, following a three-month refurbishment. As well as the Art Deco and Arts & Crafts Movement stock they are well-known for, they will be expanding the offering to include a broader range of antiques and 20th century design.
“The rapid development of AI makes this the perfect time to create a world-class solution to the long-standing complexities of selling antiques and high value goods. Some of my friends think I am crazy and should look forward to getting my bus pass and retirement…for me, the opportunity to create a tech-enabled enterprise that will support large numbers of customers is incredibly exciting.
“I may joke ‘shift over Elon Musk’, but I really am shooting for the moon.”
The Design Gallery and Palladium Vaults are based at Unit 1b Starborough Farm, Starborough Road TN8 5RB, near Lingfield, East Grinstead and Edenbridge www.thedesigngallery.com 01959 561234
Open Fridays, Saturdays and Bank Holidays (no appointment required) and other days are usually available by appointment E: chrissie@thedesigngallery.com
The Design Gallery was launched in 2002 to specialise in progressive design movements of the 19th and 20th Century. We met whilst studying at Sotheby’s Institute of Art and discovered that we shared a passion for design, especially Art Deco, Art Nouveau and the Arts & Crafts Movement.
