4% total revenue increase to 6.4 million USD in the first Quarter
19% revenue growth in Media Segment
NEW YORK, NY and BERLIN, GERMANY / ACCESSWIRE / 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.
The quarterly report as well as further Investor Relations related news and publications can be found here.
About Artnet
Artnet has an unparalleled 60 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 16 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 280,000 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.
Contact:
Sophie Neuendorf
sneuendorf@artnet.com
SOURCE: artnet AG
https://www.accesswire.com/754981/artnet-AG-Artnet-Publishes-Quarterly-Report-for-the-First-Quarter-Showing-Steady-Revenue-Growth
