artnet AG: Artnet Releases Quarterly Report Showing Accelerating Revenue Growth
– 19% increase in total revenue to $6.2 million in the first quarter
– 111% revenue growth in the media segment
– Artnet price database relaunched on schedule for end of Q2 2022 release
NEW YORK, NY and BERLIN, GERMANY/ACCESSWIRE/May 15, 2022/ Artnet AG, the leading data and media platform for the art market, and the global fine art market, today released its quarterly statement for the first quarter of 2022. As noted in the statement, Artnet has accelerated its growth, with total revenue up 19% to $6.2 million. The operating result for the first quarter of 2022 was -786k USD. The result is due to continuous investments in product development as well as sales and marketing. “We are following a growth strategy and this is reflected in the continuous investment in product development as a team,” says Artnet CEO Jacob Pabst. Harnessing the unique synergies between the company’s Media, Marketplace and Data segments, Artnet is positioned to capture the emerging shift in shopping behavior towards online transactions by providing a holistic online ecosystem for the global media market. art.
The media segment saw record growth, a 111% year-over-year increase in the first quarter. This was driven by an increase in luxury advertising, with recurring clients such as Hermes, Saint Laurent and JP Morgan Private Bank choosing Artnet as their trusted advertising partner. Luxury advertising grew 89% year-over-year in the first quarter of 2022.
Artnet’s Marketplace segment saw revenue increase 3% YoY, with Artnet Auctions revenue increasing 12% YoY. Top Q1 2022 Lots Include Roy Lichtenstein’s Nude with yellow pillow (from the Nude series), which made 425,000 USD including premium, well above its high estimate of 300,000 USD; ‘Untitled (to Brad Gillaugh) by light artist Dan Flavin, which went for 275,000 USD including premium; as well as Ed Ruscha’s iconic ‘Mocha Standard’, which made $150,000 including bonus. Data revenue was down 2% year-on-year, with the release of the revamped and improved pricing database at the end of the second quarter expected to drive growth in the second half of the year.
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Artnet boasts an unprecedented 55 million users each year, making it the world’s largest fine art platform. Founded in 1989, Artnet revolutionized the way people discover, research and collect art today. Artnet’s data provides mission-critical resources for the art industry, encompassing over 15 million auction results and AI and ML-based analytics, driving transparency and understanding of the art market. Artnet’s Marketplace connects leading galleries and auction houses to its global audience, offering a curated selection of over 250,000 works of art 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 most widely read news publication in the fine arts industry, with a rapidly growing dedicated following. Together, Artnet’s extensive synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market.
Artnet AG is listed on the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest standards of transparency. The majority of operations are based in New York at its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York-based entity founded in 1989. Artnet Worldwide Corp. has a London-based subsidiary, Artnet UK Ltd.
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