- 19% total revenue increase to 6.2 million USD in the first Quarter
- 111% revenue growth in Media Segment
- Artnet Price Database relaunch on schedule for late Q2 2022 release
NEW YORK, NY and BERLIN, GERMANY / ACCESSWIRE / May 15, 2022 / 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 2022. As reflected in the Statement, Artnet accelerated its growth, with total revenue increasing 19% to 6.2 Million USD. Operating Income for the first quarter of 2022 was -786k 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 product development 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-record breaking growth, an 111% increase YoY within the first Quarter. This was driven by an increase in Luxury Advertising, with recurring clients such as Hermes, Saint Laurent, and JP Morgan Private Bank choosing Artnet as their trusted advertising partner. Luxury Advertising increased by 89% YoY within the first Quarter of 2022.
Artnet's Marketplace segment saw revenues increase 3% YoY, with Artnet Auctions revenue increasing 12% YoY. Top lots during the first quarter of 2022 include Roy Lichtenstein's Nude with Yellow Pillow (from the Nude series), which realized 425,000 USD including premium, significantly above its high estimate of 300,000 USD; Light artist Dan Flavin's ‘Untitled (to Brad Gillaugh), which hammered down at 275,000 USD including premium; as well as Ed Ruscha's iconic ‘Mocha Standard,' which realized 150,000 USD including premium. Data revenue declined by 2% YoY, with the release of the redesigned and improved Price Database at the end of Q2 set to drive growth in the second half of the year.
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Artnet has an unparalleled 55 million users annually, making it the largest global platform for fine art. Founded in 1989, Artnet has revolutionized the way people discover, research, and collect art today. Artnet's Data provides mission-critical resources for the art industry, encompassing more than 15 million auction results and AI- and ML-driven analytics, further driving transparency and insight into the art market. Artnet's marketplace connects leading galleries and auction houses with its global audience, offering a curated selection of over 250,000 artworks for sale worldwide. Artnet Auctions, the pioneering online-only auction platform, offers unprecedented reach, liquidity, and efficiency for 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. It is the single most-read news publication in the fine art industry, with a rapidly growing, dedicated audience. Together, Artnet's broad synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. The majority of operations are headquartered in New York at its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.
SOURCE: artnet AG