artnet AG: Artnet Publishes Annual Report Showing Steady Growth and Innovation

• 6.5% total revenue increase to 26.3 Million USD
• 38% increase in Media revenue
• 41% YoY growth in new users across the platform
• Release of renewed Price Database

NEW YORK, NY and BERLIN, GERMANY / ACCESSWIRE / May 12, 2023 / Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art, today published its Annual Report for the financial year 2022. As reflected in the report, Artnet experienced steady growth, with total revenue increasing 6.5% to 26.3 Million USD. During the 2022 financial year, Artnet reached significant milestones, growing its market share and customer base. The company also published its redesigned and mobile-optimized industry-leading Price Database. "2022 was a transformative year for Artnet with the publication of our new Price Database, and our diversified business model provided stability through a challenging market environment" commented Artnet CEO Jacob Pabst.

Within the Media segment, Artnet continued its strong growth, with a 38% increase in revenue and a 58% increase in traffic leading to over 158 million pageviews on Artnet News. In total Artnet achieved 19% traffic growth across the platform, reaching over 238 Million pageviews and making it the most visited Art platform globally.

Total revenue from the Marketplace decreased by 6% to 9,656k USD. A difficult market environment led to decreased sales volumes and average transaction volumes in the mid-market, with Artnet's partner galleries and auction houses also facing constraints. Artnet Auctions achieved a 77% Sell Through Rate (STR) in the Prints & Multiples department, however, showing strong performance in one of its core segments. Despite a softer than expected year, Artnet continues to be the fourth largest auction house for online fine art sales behind Sotheby's, Christie's and Phillips.

During the 2022 financial year, revenue from the Data segment decreased 3% to 7,465k USD, reflecting the decline in sales volumes in the broader market. However, Artnet is excited for the new era of transparency that the newly released, optimized Price Database will bring, as the Group strives towards its vision of creating an efficient, global art market. Finalized at the end of the third quarter 2022, Artnet also piloted its entry into Financial Services through its Fine Art Lending program. Fine Art Lending refers to the practice of taking out loans against Fine Art & Collectibles. "Artnet's Data, Media, and Marketplace segments are unique in the market, with each representing a critical tool for the global art industry," said Artnet CSO Albert Neuendorf. "These three pillars provide the foundation for a fully integrated data-driven online transactional ecosystem, and the renewed Price Database is a key step to realizing that future."