artnet AG: Artnet Publishes Annual Report Showing Steady Growth and Innovation
EQS-News: artnet AG / Key word(s): Annual Report/ESG
Artnet Publishes Annual Report Showing Steady Growth and Innovation
New York/ Berlin, May 12, 2023: Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art, today published its Annual Report for the financial year 2022. As reflected in the report, Artnet experienced steady growth, with total revenue increasing 6.5% to 26.3 Million USD. During the 2022 financial year, Artnet reached significant milestones, growing its market share and customer base. The company also published its redesigned and mobile-optimized industry-leading Price Database. "2022 was a transformative year for Artnet with the publication of our new Price Database, and our diversified business model provided stability through a challenging market environment” commented Artnet CEO Jacob Pabst.
Within the Media segment, Artnet continued its strong growth, with a 38% increase in revenue and a 58% increase in traffic leading to over 158 million pageviews on Artnet News. In total Artnet achieved 19% traffic growth across the platform, reaching over 238 Million pageviews and making it the most visited Art platform globally.
Total revenue from the Marketplace decreased by 6% to 9,656k USD. A difficult market environment led to decreased sales volumes and average transaction volumes in the mid-market, with Artnet’s partner galleries and auction houses also facing constraints. Artnet Auctions achieved a 77% Sell Through Rate (STR) in the Prints & Multiples department, however, showing strong performance in one of its core segments. Despite a softer than expected year, Artnet continues to be the fourth largest auction house for online fine art sales behind Sotheby's, Christie's and Phillips.
During the 2022 financial year, revenue from the Data segment decreased 3% to 7,465k USD, reflecting the decline in sales volumes in the broader market. However, Artnet is excited for the new era of transparency that the newly released, optimized Price Database will bring, as the Group strives towards its vision of creating an efficient, global art market. Finalized at the end of the third quarter 2022, Artnet also piloted its entry into Financial Services through its Fine Art Lending program. Fine Art Lending refers to the practice of taking out loans against Fine Art & Collectibles. “Artnet’s Data, Media, and Marketplace segments are unique in the market, with each representing a critical tool for the global art industry,” said Artnet CSO Albert Neuendorf. "These three pillars provide the foundation for a fully integrated data-driven online transactional ecosystem, and the renewed Price Database is a key step to realizing that future.”
Along with the complete rebuild of the Price Database there are important additional improvements slated for 2023. A unified navigation, a full revamp of Artnet News, and important platform redesigns will significantly increase traffic and engagement. Finally, in 2020 Artnet adopted an ESG (Environmental, Social, Corporate Governance) strategy, defined key areas of responsibility, and set specific goals. The Annual Report includes Artnet’s 2022 ESG report. By reporting on ESG initiatives, Artnet pursues its principle of spearheading positive change and sustainable business practices in the art market.
The annual report for the financial year 2022 is available here.
Further Investor-relations related news and publications can be found here.
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 16 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 250,000 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.
12.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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