13.08.2018
artnet AG DE000A1K0375
DGAP-News: artnet AG: artnet Price Database Achieves Record Revenue
DGAP-News: artnet AG / Key word(s): Half Year Results/Development of Sales
artnet AG: artnet Price Database Achieves Record Revenue
13.08.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
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artnet Price Database Achieves Record Revenue
Record-Breaking Sales and Higher Average Lot Price at artnet Auctions
artnet Confirms Full-Year Forecast
Berlin/New York, August 13, 2018-Berlin-based artnet AG, the leading
provider of art market data and online-only fine art auctions, increased its
total revenue by 4% to $10.7 million* in the first six months of 2018, as
compared to the previous year. This growth was driven by strong results in
the two largest business segments, Price Database and Galleries. Net income
decreased by 72% to $83,000 due to investments in personnel and upgrading
the technological infrastructure, which will enable artnet to be faster,
nimbler, and more efficient.
The Price Database, artnet's core segment, grew revenue by 6% to $3.9
million thanks to the increasing number of both retail and institutional
subscriptions. This constitutes the highest revenue for the first half of a
year since artnet's founding in 1989. "The growing demand from both
individual art enthusiasts and professionals alike affirms the stature of
the Price Database as the gold standard for the art industry," said Jacob
Pabst, CEO of artnet. The Price Database further strengthened its position
as the most comprehensive online archive for auction results and has
recently reached an impressive mark of 12 million illustrated records.
The Galleries segment increased in revenue by 6% to $2.7 million following
strong demand for higher-tier membership plans and Auction House
Partnerships. Members of the Gallery Network, including smaller and mid-size
galleries, have the ability to showcase their inventory and exhibition
programming to artnet's global audience. In May, the gallery pages went
through a redesign, which will be followed by additional updates and
improvements with the next phase launching in August.
Advertising revenue increased by 5% to $2.0 million, driven by the growing
demand for advertising space on artnet News, which contributes two-thirds to
artnet's total advertising revenue. As the most popular online news platform
dedicated to covering the events, trends, and personalities of the art
world, our newswire is sought-after by luxury brands for advertising
campaigns. Additionally, the editorial focus on original news reporting has
repeatedly lead to widely quoted exclusives, generating attention, brand
awareness, and traffic for artnet.
artnet Auctions' fee-based revenue decreased by 4% to $2.1 million due to
lower transaction volume. The Auctions Team shifted its strategic focus
towards high-quality artworks and attractive pricing which led to several
record sales, including contemporary works by Richard Hambleton, Sally Mann,
and KAWS, among others. The average price of lots sold increased by 21% to
$14,700 in the first six months of 2018. Users benefit from fast turnaround
and lower commissions than other auction platforms. "The market embraces
online auctions as an efficient and economical way to buy and sell fine art.
We are confident that our quality and focus will lead to higher sell-through
rates, superior customer satisfaction, and revenue growth," said Pabst.
artnet reiterated the outlook for the current 2018 financial year. Based on
the outlook for the individual segments, Management expects revenue to be
between $22 million to $23 million. The 2018 Six-Month Report is available
at artnet.com/investor-relations/quarterly-reports.
*Since approximately 80% of the Company's revenue is generated in US
dollars, revenue reported in euros can be strongly influenced by changes in
the euro-USD exchange rate. As a result, developments for each segment are
reported in USD.
For more information, please contact [email protected].
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 collect art today. The Price Database contains
over 12 million auction results from more than 1,800 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
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13.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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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: [email protected]
Internet: www.artnet.de
ISIN: DE000A1K0375
WKN: A1K037
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Stuttgart,
Tradegate Exchange
End of News DGAP News Service
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713253 13.08.2018
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