ARTNET AG
DGAP-News: artnet AG / Key word(s): Half Year Results/Development of Sales 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 ir@artnet.com. 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
13.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| 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: | info@artnet.de |
| 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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