- Data from 1,900 auction houses provides comprehensive mission critical analysis of art market
- Artnet partners with Humboldt University of Berlin for NFT data research
- Transparency and data analytics enabled development of art as an alternative asset class
- Latest Artnet Intelligence Report with NFT focus based on Price Database analysis
BERLIN, GERMANY / NEW YORK, NY / ACCESSWIRE / November 9, 2021 / Artnet AG, the leading provider of online art auctions, art market data and news, today announced that the Artnet Price Database surpassed 15 million color illustrated auction results. The Price Database, Artnet's core segment, is a mission critical research tool for art market professionals, collectors, and financial institutions. The development of art as an alternative asset class as well as art secured lending and fractionalization have been made possible by the Price Database.
"Surpassing 15 million auction lots is a tremendous achievement. Our team of multilingual art historians, as well as the application of dynamic technology, ensure the unique quality of the data.", said Jennifer Cortés, Director of Production, Price Database. "Our data is not just used for valuation, but also researching artwork documentation, such as provenance, literature and past exhibitions."
Subscribers include all major global auction houses, galleries as well as private, public, educational, government and financial institutions. Price Database revenue rose by 5% to 3.9 million USD in the first six months of 2021, as compared to last year. The growing data demand and increasing subscriber numbers underscore both the art markets' trust in the brand and its unabated desire for price transparency. The Price Database is Artnet's core product and accessible through various subscription levels.
Artnet's Price Database has been the leading tool for the development of art as an alternative asset class. "An estimated 95% of companies and funds active in the field of art and finance regularly utilize the Price Database," said Dr. Fabian Bocart, Artnet's Chief Data Scientist. Its unparalleled accuracy and comprehensiveness has backed an industry that saw tremendous growth over the last 10 years. Furthermore, Artnet is the definitive gold standard for technology companies involved in the art market: data specialists can exploit the most advanced machine learning tools on its extraordinarily clean data, a must for any data science application. This year, Artnet has been partnering with Humboldt University of Berlin and its Blockchain Center to gather data on the NFT market.
"The Artnet Price Database was our first product. It continues to be the gold standard and brought transparency to the art market, which created confidence and enabled market growth, as well as the development of alternative segments such as art-secured lending, and the tokenization of fine art." said Artnet CEO Jacob Pabst. "Today, the data includes auction results from 1985 all the way to the latest NFT sales."
The unique quality of the Price Database was highlighted with the inaugural Artnet Intelligence Report, published for the 2021 fall auction season, focusing on Non-Fungible Tokens (NFT). The comprehensive report of current art market trends was made possible by the collaborative efforts of the journalists on the Artnet News team and the art historians and analysts on the Price Database teams, leveraging the synergies of Artnet's broad product portfolio and expertise.
About Artnet
Founded in 1989, Artnet has revolutionized the way people discover, research and collect art today. With 59 million unique users, Artnet is the largest global platform for fine art. The Price Database is a mission critical tool for the industry, with more than 15 million auction results from 1,900 auction houses dating back to 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform and Auction House Partnerships connect leading galleries and auction houses with collectors from around the world, offering the most comprehensive overview of artworks for sale worldwide. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary. It is dominating the online art market news coverage and generates more traffic than all of its competitors combined.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. Its principal holding is its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York corporation founded in 1989, and its London based subsidiary, Artnet UK Ltd.
ISIN: DE000A1K0375
LEI: 391200SHGPEDTRIC0X31
Contact:
Sophie Neuendorf
sneuendorf@artnet.com
SOURCE: artnet AG
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https://www.accesswire.com/671844/artnet-AG-Artnet-Price-Database-Surpassed-15-Million-Auction-Results-and-Expands-Art-Market-Analytics-to-Include-NFTs
