EQS-News

Artnet publishes Q3 Report: Steady performance with focus on technological advancements

EQS-News: artnet AG / Key word(s): 9 Month figures/Miscellaneous Artnet publishes Q3 Report: Steady performance with focus on technological advancements (news with additional features) 16.11.2023 / 16:00 CET/CEST The issuer is solely responsible for the content of this announcement. Artnet publishes Q3 Report: Steady performance with focus on technological advancements

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• Unified subscription, Artnet Pro, to be released in Q4

New York/ Berlin, November 16, 2023: Artnet AG this week published its results for the third quarter of the current fiscal year in line with requirements set by the Frankfurt Stock Exchange. As reflected in the Report, revenue decreased only 2% in the first nine months of the year despite challenging  art market conditions and economic headwinds.

Artnet’s Media segment grew 2% through the third quarter.  It is expected to return to its strong growth trajectory in the fourth quarter and into 2024 with a robust pipeline of advertising contracts.

 Marketplace revenues decreased 7% through the third quarter. The global art market is in the midst of a significant correction, and total volumes offered and sold in the art market are down significantly, decreasing 11% through the third quarter. In response to tightening market conditions, Management has completed a data-led strategic review and refocussed the business on core, top-performing artist groups and price segments. Top lots at Artnet Auctions during the third quarter of 2022 included a work by acclaimed photographer Herb Ritts wich hammered down at 100,000 USD; a diptych by Yue Minjun, which achieved 50,000 USD; and a work by west coast Pop artist Ed Ruscha, ‘Made in California,’ 1971, which hammered down at 75,000 USD. 

Through the third quarter, revenue from the Data segment declined 2% YoY to 5,488k USD. The third quarter typically sees reduced search activity due to the sparse summer auctions program. Data revenue is expected to increase in the fourth quarter due to an increase in enterprise data services as well as  the release of new enhancements to the user experience of the Price Database. The renewed Price Database is built on a new API-first architecture, introducing the opportunity for transformational new data delivery formats. A mobile-optimized design eases access to our global user base and drives search volume, and the implementation of elastic search introduces vast new search possibilities. Artnet’s Data Science team has produced intelligent, dynamic analytics that enable deep insight and understanding of the art market.