Artnet AG Reports Stable Results Amid Challenging Art Market Conditions

New York/Berlin, September 3, 2024: Artnet AG, a leading online art marketplace, published its Quarterly Interim Statement for Q1 2024. Total revenue decreased by 11% to EUR 5,322k, outperforming an overall art market decline of 29.5% in H1 2024. The company minimized the market downturn's impact through stable results from its Marketplace and Data segments. Operating income for Q1 2024 was EUR -836k, primarily due to a weaker-than-expected Media segment.

CEO Jacob Pabst cited inflationary pressures and socio-economic instability as significant factors affecting the art market and related luxury goods sector. Economic challenges in 2023 and early 2024 led to conservative consumer spending, hampering art market sales. Market conditions are expected to improve in 2025.

Artnet's restructuring project, initiated in 2023, includes strategic cost-saving measures like downgrading from the Prime to the General Standard on Germany's stock exchange. This move aims at financial stability. The company continues to focus on ESG initiatives, maintaining its commitment to sustainable business practices.