artnet AG: Artnet Publishes 2023 Half Year Financial Report

Artnet Publishes 2023 Half Year Financial Report

• 4.7% gross profit increase to 7.6 million USD
• 10% growth in Media segment
• 33% YoY increase in new users

New York/ London/ Berlin, August 15, 2023: Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art, today published its Half Year Financial Report 2023. As reflected in the Report, Artnet recorded stable performance, with total revenue increasing 1% to 13 Million USD. “Artnet has shown robust performance in a challenging market environment  in the first six months of this year. We have built strong momentum in our technology development and streamlined the business in line with our focus on margins and operational efficiency” says Artnet’s CEO Jacob Pabst. Harnessing the unique synergies between the Company’s Media, Marketplace, and Data segments, Artnet is positioned to capture the shift in purchasing behavior towards online transactions by providing a holistic online ecosystem for the global art market.

The Media segment recorded a 10% increase in revenue YoY within the first half of the year. This was primarily driven by an increase in Advertising. Traffic to the Artnet News site increased 31% with over 33% new users.

Within the Marketplace segment, the Artnet Auctions STR (Sell Through Rate) during the first half of the year increased 29% in comparison to the previous year. The ATR (Average Transaction Value)  increased 19% to 15,200 USD in comparison to the previous year. Revenue from the Marketplace segment overall decreased 5% YoY to USD 4,670k within the first half of the year, a solid result when compared to the  significant art auction market decline  in 2023 so far.

Top lots during the first half of 2023 include Pop artist Mel Ramos’ Hav-A-Havana, which realized 225,000USD; Manolo Valdes’ Damas de Barajas, which hammered down at 199,900 USD including premium; as well as Andy Warhol’s iconic Grace Kelly, which realized 175,000 USD including premium. In line with Artnet’s ESG initiatives, Artnet Auctions hosted one sale with philanthropic components during the first half of the year: Earthday. Proceeds from the auction benefitted EARTHDAY.ORG's The Canopy Project, which has planted tens of millions of trees, working worldwide to strengthen communities.

During the first half of 2023, revenue from the Data segment declined 1.8% YoY to USD 3,716k. Revenue is expected to increase during the third and fourth quarters as the rebuilt Price Database drives engagement and customer conversion.

Management will continue to invest in technology and product development in 2023 in line with its strategic goal of creating a unified platform that drives growth through the realization of the clear and formidable synergies between its segments. An improved user experience in 2023 will drive traffic, user engagement, and conversion. Investments in Sales and Marketing will also improve conversion and brand recognition in 2023, while the tight curation of Artnet’s marketplace will continue to generate trust from buyers and sellers alike.

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About Artnet

Artnet has an unparalleled 60 million users annually, making it the largest global platform for fine art. 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 16 million auction results and AI- and ML-driven analytics, further driving transparency and insight into 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. It is the single most-read news publication in the fine art industry, with a rapidly growing, dedicated audience. 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

sneuendorf@artnet.com