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DGAP-News: artnet AG
/ Key word(s): Quarter Results/Development of Sales
Strong Growth at Artnet Auctions Continues in the First Quarter - Fee-based Revenue of Online Auction Platform up 25% Year-Over-Year Berlin/New York, May 10, 2021-Berlin-based Artnet AG, the leading provider of art market data and online-only fine art auctions, increased its revenue and media reach in the first quarter of 2021. Fee-based revenue at Artnet Auctions rose by 25% year-over-year to 1.2 million USD, continuing on a strong growth trajectory and setting a new revenue record for a first quarter. Top lots in the first quarter included several works by the iconic American artist Jean-Michel Basquiat. In January, his screenprints Head; Per Capita: Ernok; Rinso (complete set of 4 works) sold for 300,000 USD. Artnet achieved the same price in March for Basquiat's monumental work on paper Untitled (1981), a large-scale drawing of a car motif. The Gallery Network achieved a turnaround. Its quarterly revenue increased by 4% to 1.3 million USD due to a higher number of memberships and a drop in cancellations. "Galleries depend on the Internet for sales and marketing more than ever," said Artnet CEO Jacob Pabst. "Membership in the Gallery Network provides a strong online presence, enables global transactions online, and supports the efficient management of inventory with our unique inventory management system." Artnet introduced the Artist Alerts last year to help drive traffic to gallery members. Prospective buyers receive customized email alerts about their favorite artists. The number of Artist Alerts subscribers continues to grow, driving qualified inquiries to gallery members. Price Database revenue increased slightly by 3% to 1.9 million USD in the first quarter. After the auction market's drastic downturn in 2020, the online auction database benefited from the overall recovery of the art market and an increase in monthly subscribers. An upturn in auction activity increases the demand for market data, as the Price Database's highly reliable auction results are an indispensable research tool for art market participants. Advertising revenues fell 23% to 849k USD in the first quarter. Luxury brands and art businesses had not restarted their advertising campaigns in the first quarter after last year's sharp cuts. Artnet expects a strong rebound in the current second quarter. "The strong growth in traffic to Artnet's webpages, particularly at Artnet News, will further accelerate the recovery in advertising revenue over the course of the year," said CEO Pabst. In May 2021, Artnet also introduced Artnet News Pro, a paywall for selected news articles, to generate another revenue source in the segment in addition to advertising. The number of visitors to Artnet's website surged 35% in the first quarter of 2021 to an average of 6.2 million per month - up from 4.6 million in the first quarter of 2020. "Artnet is driving the digital transformation of the art market and enables customers to gain a singular reach online and on social media," said Pabst. Artnet's total revenue in the first quarter increased by 2% to 5.2 million USD year-over-year. Management confirms the forecast published in the Annual Report 2020. The Quarterly Interim Statement for the First Quarter of 2021 is available at artnet.com/investor-relations/quarterly-reports About Artnet 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 discover and 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. ISIN: DE000A1K0375 LEI: 391200SHGPEDTRIC0X31 Contact: Sophie Neuendorf
10.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | artnet AG |
| Oranienstraße 164 | |
| 10969 Berlin | |
| Germany | |
| Phone: | +49 (0)30 20 91 78 -0 |
| Fax: | +49 (0)30 20 91 78 -29 |
| E-mail: | |
| Internet: | |
| ISIN: | DE000A1K0375 |
| WKN: | A1K037 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1194206 |
| End of News | DGAP News Service |
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1194206 10.05.2021
