- Web Traffic Increases 51% in First Eleven Months of 2020
- Supervisory Board Re-Elected at Annual Meeting
BERLIN, GERMANY and NEW YORK, NY / ACCESSWIRE / December 18, 2020 / Berlin-based Artnet AG, the leading provider of art market data and online-only fine art auctions, increased fee-based revenues at Artnet Auctions by 67% year-over-year in the month of November. In the first eleven months of the year, Artnet set a new revenue record in its auctions segment. From January to November 2020, Artnet Auctions’ total fee-based revenue rose 25% to $4.5 million year-over-year. As an online-only auction provider, Artnet thus defied the adverse effects of the Corona pandemic on the global art market.
“The great success of Artnet Auctions shows that our long-term investment in this segment was the right decision,” said Jacob Pabst, CEO of Artnet AG, at this week’s Annual General Meeting. “The art market is finally embracing the advantages of the Internet, and as the online market leader, Artnet AG is ideally positioned to benefit from its fundamental digital transformation.”
Due to the cancellation of traditional auctions and the economic downturn, the number of artworks offered at auction globally in the first eleven months of 2020 decreased by 24% year-over-year. The number of works sold fell by 21% in the same period.
Artnet offered market participants one of the few remaining options for buying and selling high-end art during the pandemic. As a result, by the end of October, Artnet Auctions’ revenue had already exceeded the total revenue of the previous year.
The economic downturn and the lockdown restrictions nevertheless greatly impact Artnet’s traditional clients, such as auction houses and galleries. Luxury retailers, who are loyal advertisers on Artnet News, shut stores and warehouses and postponed their advertising campaigns. As expected, this led to lower revenues in the segments Galleries, Price Database and Advertising. Artnet’s total revenue for the first eleven months of the fiscal year 2020 remained almost unchanged at $19.6 million year-over-year, as projected.
Still, overall web traffic at Artnet surged 51% in the first eleven months. The number of unique visitors rose to an average of 4.8 million per month compared to 3.5 million per month in 2019. The sharp rise in visitors significantly increases the potential for higher advertising revenue in the future, and will contribute to a quick recovery once the economic pressure on clients eases.
The Annual General Meeting of Artnet AG was held December 15 in a virtual format due to the pandemic. The candidates proposed by the Company for the Supervisory Board were elected with the required simple majority. The proposals of shareholders Weng Fine Art AG and Andreas Tielebier-Langenscheidt did not obtain the necessary majority. After the Annual General Meeting, Dr. Pascal Decker was elected the new Chairman of the Supervisory Board. “After the past few months, which have been exhausting for everybody, I am pleased to devote my energy to the growth and further development of Artnet AG in collaboration with my colleagues on the Supervisory Board and CEO Jacob Pabst,” said Dr. Decker. “In doing so, I will also seek a close dialogue with the shareholders to support Artnet AG in its pioneering role in the digitalization of the art market.” The election is effective until the conclusion of the Annual Shareholders’ Meeting that resolves on the discharge for the 2021 fiscal year.
Artnet is the leading resource for buying, selling, and researching art online. Founded in 1989, Artnet’s suite of industry-leading products has revolutionized the way people collect art today. The Price Database contains more than 14 million auction results from 1,900 auction houses dating back to 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform connects leading galleries with collectors from around the world, offering the most comprehensive overview of artworks for sale. Artnet Auctions was the first dedicated online marketplace for fine art, providing a seamless and efficient collecting experience for both 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.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.
SOURCE: artnet AG via EQS Newswire
View source version on accesswire.com: