EQS-News

artnet AG: Artnet Publishes Quarterly Report for the First Quarter, Showing Steady Revenue Growth

EQS-News: artnet AG / Key word(s): Quarterly / Interim Statement/ESG artnet AG: Artnet Publishes Quarterly Report for the First Quarter, Showing Steady Revenue Growth 15.05.2023 / 19:00 CET/CEST The issuer is solely responsible for the content of this announcement. Artnet Publishes Quarterly Report, Showing Steady Revenue Growth

• 4% total revenue increase to 6.4 million USD in the first Quarter
• 19% revenue growth in Media Segment

New York/ Berlin, May 15, 2023: Artnet AG, the leading platform for art market data and media, and the global marketplace for fine art, today published its Quarterly Statement for the first quarter of 2023. As reflected in the Statement, Artnet showed steady growth, with total revenue increasing 4% to 6.4 Million USD. Operating Income for the first quarter of 2022 was -1,042k USD. The result is due to continued investment in product development as well as sales and marketing.“We’re following a growth strategy and this is reflected in the continued investment in our products as well as our team,” 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 nascent shift in purchasing behavior towards online transactions by providing a holistic online ecosystem for the global art market.

The Media segment recorded strong growth with an 19% increase YoY within the first Quarter. This was driven in large part by an increase in Luxury Advertising, with recurring clients such as Hermes, Saint Laurent, and JP Morgan Private Bank choosing Artnet as a trusted advertising partner.

Artnet’s Marketplace segment saw revenues decrease 6% YoY, due to a challenging market environment. Top lots during the first quarter of 2023 included Pop Artist Mel Ramos’ ‘Hav-a-Havana #6’ , which realized 255,000 USD; Sculptor Manolo Valdés’ ‘Damas de Barajas’, which hammered down at 212,500 USD; as well as Andy Warhol’s ‘Flash (complete set of 11 works),’ which realized 137,000 USD. Data revenue in the first Quarter 2023 was equal to the first Quarter of 2022.