EQS-News: Artnet publishes Q3 Report: Steady performance with focus on technological advancements

Artnet publishes Q3 Report: Steady performance with focus on technological advancements

• 13% new users across the platform

• Unified subscription, Artnet Pro, to be released in Q4

New York/ Berlin, November 16, 2023: Artnet AG this week published its results for the third quarter of the current fiscal year in line with requirements set by the Frankfurt Stock Exchange. As reflected in the Report, revenue decreased only 2% in the first nine months of the year despite challenging  art market conditions and economic headwinds.

Artnet’s Media segment grew 2% through the third quarter.  It is expected to return to its strong growth trajectory in the fourth quarter and into 2024 with a robust pipeline of advertising contracts.

 Marketplace revenues decreased 7% through the third quarter. The global art market is in the midst of a significant correction, and total volumes offered and sold in the art market are down significantly, decreasing 11% through the third quarter. In response to tightening market conditions, Management has completed a data-led strategic review and refocussed the business on core, top-performing artist groups and price segments. Top lots at Artnet Auctions during the third quarter of 2022 included a work by acclaimed photographer Herb Ritts wich hammered down at 100,000 USD; a diptych by Yue Minjun, which achieved 50,000 USD; and a work by west coast Pop artist Ed Ruscha, ‘Made in California,’ 1971, which hammered down at 75,000 USD. 

Through the third quarter, revenue from the Data segment declined 2% YoY to 5,488k USD. The third quarter typically sees reduced search activity due to the sparse summer auctions program. Data revenue is expected to increase in the fourth quarter due to an increase in enterprise data services as well as  the release of new enhancements to the user experience of the Price Database. The renewed Price Database is built on a new API-first architecture, introducing the opportunity for transformational new data delivery formats. A mobile-optimized design eases access to our global user base and drives search volume, and the implementation of elastic search introduces vast new search possibilities. Artnet’s Data Science team has produced intelligent, dynamic analytics that enable deep insight and understanding of the art market. 

The release of the new Price Database and the development of Artnet Pro underpin the tremendous work of our team so far this year and highlight the forceful momentum we’ve been able to maintain under difficult circumstances. By harnessing the unique synergies between the Company’s Media, Marketplace, and Data segments, Artnet is positioned to capture the nascent shift in purchasing behavior towards online transactions by providing a holistic online ecosystem for the global art market.

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About Artnet

Artnet has an unparalleled 60 million users annually, making it the largest global platform for fine art. Founded in 1989, Artnet has revolutionized the way people discover, research, and collect art today. Artnet’s Data provides  mission-critical resources for the art industry, encompassing more than 15 million auction results and AI- and ML-driven analytics, further driving transparency and insight into the art market. Artnet’s marketplace connects leading galleries and auction houses with its global audience, offering a curated selection of over 285,000 artworks for sale worldwide. Artnet Auctions, the pioneering online-only auction platform, offers unprecedented reach, liquidity, and efficiency for buyers and sellers. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary. It is the single most-read news publication in the fine art industry, with a rapidly growing, dedicated audience. Together, Artnet’s broad synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market.

Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. The majority of operations are headquartered in New York at its  wholly-owned subsidiary, Artnet Worldwide Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.

ISIN: DE000A1K0375

LEI: 391200SHGPEDTRIC0X31

Contact:

Sophie Neuendorf

sneuendorf@artnet.com