Artnet Confirms Receipt of USD 2.5 Million in Funding to Support Growth

New York/Berlin, January 9, 2023: Artnet, the leading platform for art market data and media, and the global marketplace for fine art, can confirm the receipt of USD 2.5 Million in funding to support its continued growth.

Artnet has this week received USD 2 Million in the form of a non-repayable US Government grant. The Employee Retention Credit (ERC) is a tax credit designed for businesses who managed to sufficiently retain and pay employees throughout the COVID-19 pandemic. Despite the challenges of the pandemic, Artnet was able to record growth across all segments in 2021, including 40% growth in its media segment, leading to a 14% overall revenue increase.

Artnet has received further funding in the form of a loan from its founder and major shareholder, Galerie Neuendorf AG’s Hans Neuendorf. The USD 500,000 credit will be used to support growth and further bolster Artnet’s balance sheet in 2023. The IMF warned on January 2 that it estimates a third of the world economy will be in recession this financial year. Management has taken early precautions and is pleased to have received additional access to liquidity through this channel.

Artnet is looking forward to what promises to be a formative year for the Company and the wider market as the art world continues its transition to online commerce. The funds provide additional support to the Company to start the year as it seeks to capture the nascent shift in purchasing behavior by providing a holistic online ecosystem for the global art market.

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About Artnet

Artnet has 55 million users annually, making it the largest platform for fine art globally. 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, driving transparency and insight in 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. 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, Vice President