AI assistant
artnet AG Earnings Release 2022
37_er_2022-05-16_e5a3e152-dbd6-4d64-9405-c16f63a17c4a.html
Earnings Release
Open in viewerOpens in your device viewer
National Storage Mechanism | Additional information 
RNS Number : 5799L
artnet AG
16 May 2022
artnet AG / Key word(s): Quarterly / Interim Statement/Sustainability
artnet AG: Artnet Publishes Quarterly Report, Showing Accelerated Revenue Growth
16.05.2022
The issuer is solely responsible for the content of this announcement.
Artnet Publishes Quarterly Report, Showing Accelerated Revenue Growth
- 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/ Berlin, 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.
Further Investor-relations related news and publications can be found here:
http://www.artnet.com/investor-relations/
About Artnet
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.
ISIN: DE000A1K0375
LEI: 391200SHGPEDTRIC0X31
Contact:
Sophie Neuendorf
15.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| 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: | [email protected] |
| Internet: | www.artnet.de |
| ISIN: | DE000A1K0375 |
| WKN: | A1K037 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1352633 |
| End of News | DGAP News Service |
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NRABKABDPBKKAPD