- 8% revenue increase to 12,9 million USD
- 72% growth in Media segment
- Preview of new Price Database
NEW YORK, NY, LONDON UK and BERLIN, GERMANY / ACCESSWIRE / August 15, 2022 / Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art, today published its Half Year Financial Report 2022. As reflected in the Report, Artnet recorded robust growth, with total revenue increasing 8% to 12,9 Million USD. 'Artnet has undergone transformational changes in the first six months of the year. We have built strong momentum in our technology development, initiated key operational projects, and welcomed instrumental new team members,' says Artnet's CEO Jacob Pabst. 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. The Half Year Report includes an exclusive first look at the new Price Database.
The Media segment recorded record breaking growth, with a 72% increase in revenue YoY within the first half of the year. This was primarily driven by an increase in Advertising, with recurring clients such as Hermes, Saint Laurent, and JP Morgan Private Bank choosing Artnet as their trusted advertising partner. Luxury Advertising increased by 55% YoY within the first half of 2022, and Artnet News Pro also showed continued growth.
Several key milestones were achieved in the Marketplace segment despite the impact of worsening market conditions, such as a landmark partnership with China's Poly Auction as well as the first 'NFT Drop' on Artnet's ArtNFT site.
Top lots during the first quarter of 2022 include Roy Lichtenstein's Nude with Yellow Pillow (from the Nude series), which realized 425,000 USD including premium, significantly above its high estimate of 300,000 USD; Light artist Dan Flavin's ‘Untitled (to Brad Gillaugh), which hammered down at 275,000 USD including premium; as well as Ed Ruscha's iconic ‘Mocha Standard,' which realized 150,000 USD including premium. In line with Artnet's ESG initiatives, Artnet Auctions hosted 3 sales with philanthropic components during the first half of the year, benefitting Ukraine relief efforts as well as LGBTQ initiatives.
The release of the new Price Database rebuild in Q3 is set to drive growth in the Data segment in the second half of the year. The new Price Database provides a completely redesigned, mobile-first user experience that allows for optimized search and navigation. It features graphical analyses and indicators that enable unparalleled insight into the art market, as well as a rebuilt API-first data architecture that permits direct client data delivery and the creation of bespoke analytical functionalities for businesses in the art market as well as in the financial community.
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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.
SOURCE: artnet AG
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