Artnet publishes Q3 Report: 8% revenue increase driven by continued strong growth in Media Segment

• Artnet’s Media segment achieved 59% revenue growth
• Release of the new Price Database represents major milestone in Artnet’s technology Development

New York/ Berlin, November 15, 2022: Artnet AG, today 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, Artnet recorded robust growth, with total revenue increasing 8% in the first nine months of the year despite signs of increasingly difficult market conditions.

Artnet’s Media segment grew an unprecedented 59% through the third quarter, and is expected to continue its strong growth trajectory through the end of the year. Demand for advertising has risen to an all time high as Artnet leverages its high-value audience of dedicated readers.

 Marketplace revenues decreased 9% through the third quarter driven primarily by softening transactional volume in the mid-market. Key strategic and operational changes have been implemented ahead of the fourth quarter, typically the strongest for the segment. Top lots at Artnet Auctions during the third quarter of 2022 included German artist Gerhard Richter’s Cage 1-6, which realized 175,000 USD including premium; Friedel Dzubas’ Wendover, which was hammered down at 175,000 USD including premium; as well as Frank Stella’s iconic Targowica which realized 137,000 USD including premium. 

The release of the new Price Database  is set to drive growth in the Data segment in the second half of the year. Currently in a Beta environment for existing Artnet subscribers, the new Price Database provides a redesigned, mobile-first user experience that allows for optimized search and navigation. It is built on a new API first data architecture, providing significant new data delivery opportunities moving forward. 

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.

Further Investor-relations related news and publications can be found here:

http://www.artnet.com/investor-relations/

About Artnet

Artnet has an unparalleled 55 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 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.

ISIN: DE000A1K0375

LEI: 391200SHGPEDTRIC0X31

Contact:

Sophie Neuendorf

sneuendorf@artnet.com