Artnet AG Reports Stable Results Amid Challenging Art Market Conditions

New York/Berlin, September 3, 2024: Artnet AG, a leading online marketplace and information provider for the art market, released its Quarterly Interim Statement for Q1 2024. Total revenue decreased by 11% to EUR 23.35 million. This decline is smaller than the overall art market drop of 29.5% in the first half of 2024. Stable results from the Marketplace and Data segments helped mitigate the impact.

Operating Income for Q1 2024 was EUR –836k, influenced by a weak performance in the Media segment. CEO Jacob Pabst cited inflationary pressures and socio-economic instability as key factors affecting the art and luxury goods markets, impacting advertising budgets.

The company initiated a restructuring project in 2023. Artnet downgraded from the Prime Standard to the General Standard on the Frankfurt Stock Exchange for cost-saving measures, which included reducing quarterly financial report requirements.

Artnet continues strong ESG initiatives, as highlighted in the 2023 annual report, reinforcing their commitment to sustainable and responsible business practices. The full Quarterly Interim Statement for Q1 2024 is available online.