Artnet

Artnet AG
Stock Corporation
Traded as FWB: ART
Industry art market
Founded 1989
Headquarters New York, Berlin, London
Key people
 Jacob Pabst (CEO)
Revenue €17,285,000[1]:29 (2015)
Number of employees
 118[1]:33 (2015)
Website artnet.com

Artnet.com is an art market website. It is operated by Artnet Worldwide Corporation, which has headquarters in New York City, in the United States,[2] and is owned by Artnet AG, a German publicly traded company based in Berlin that is listed on the Frankfurt Stock Exchange.[2][3] The company increased revenues by 24.3% to 17.3 million EUR in 2015 compared with a year before.[4]

Company history

The company was founded as Centrox Corporation in 1989 by Pierre Sernet,[5][6] a French collector who developed database software which allowed images of artworks to be associated with market prices.[7] Hans Neuendorf, a German art dealer, began to invest in the company in the 1990s;[7] he became chairman in 1992 and chief executive officer in 1995.[5] In the same year the name was changed to Artnet Worldwide Corporation. It was taken over by Artnet AG in 1998.[1]:14 Neuendorf's son Jacob Pabst became chief executive officer in July 2012.[8]

Website

Artnet operates an international research and trading platform for the art market, including works of fine art, decorative arts and design. It provides services that promote accessibility, allowing users to research art, contact galleries directly, and to attain price transparency in the art market. The platform caters specifically to art dealers, as well as buyers.[9]

In 2008, Artnet launched the first online auctions platform exclusively for works of art.[10] In 2015, artnet saw a 120% increase in new registrations, rising sell-through rates and a notable increase in numbers of lots sold.[11]

In October 2008, Artnet launched a French website, artnet.fr. It also included a French language magazine which offers a critical overview of the French art market.[12]

In February 2014 the company launched Artnet News, a 24-hour news site. Benjamin Genocchio, former editorial director of Louise Blouin Media, was appointed editor-in-chief.[13][14][15] It has become the most read and influential art news platform in the world, with visits to articles doubling in 2015 compared with the previous year.[4] In November 2017 Benjamin Genocchio was accused by multiple women of sexual harassment, primarily originating during his time as editor-in-chief at Artnet.[16]

Services

The primary service of this business is Artnet online auctions. The Artnet Fine Art and Design Price Database and the Artnet Decorative Art Price Database contain over 10 million auction sale results dating back to 1985 from over 1700 international auction houses[11][4], making it the most comprehensive database of fine art prices. Market value and long-term price developments of artworks can be researched online.[17]

An additional key product is the Artnet online Gallery Network, an online platform that connects galleries and collectors from around the world. With over 35,000 artists and 2,200 international galleries worldwide,[18] it is the largest network of its kind, drawing a broad audience and generating inquiries from both serious collectors and first-time buyers.[11] Collectors are able to search by artist, movement and medium and can contact sellers directly.

This range of services is completed by alerts by email of newly available artworks, online auctions, a digital library of artist works catalogues, analytics reports, and an international exhibition calendar, among other services.[19]

Collaboration

In 2004, Artnet and the international auction house Sotheby's began their collaboration.[20] The close collaboration between Artnet and Art Basel/ Art Basel Miami Beach started in 2007.[21] Artnet also partners with a large number of the world's leading art fairs.

References

  1. 1 2 3 Annual Report 2014. Artnet AG. Accessed September 2015.
  2. 1 2 Georgina Adam (8 May 2015). "The Art Market: outside the white cube", The Financial Times. Accessed September 2015.
  3. ↑ Randy Kennedy (21 June 2011), "A Resurgence in Art Buying Over the Web", The New York Times. Accessed September 2015.
  4. 1 2 3 Annual Report 2015. Artnet AG. Accessed March 2017.
  5. 1 2 "About Us: Fact Sheet", Artnet. Archived 31 January 2009.
  6. ↑ Company Overview of Artnet Worldwide Corporation. Bloomberg L.P. Accessed September 2015.
  7. 1 2 Thomas Hüetlin, Christopher Sultan (trans.) (7 June 2012). "Online Rebellion: Dealer Tries to Liberate Art from the Elite", Spiegel International. Accessed September 2015.
  8. ↑ Catherine Hickley (25 June 2012). "Artnet Founder Neuendorf Cedes CEO Role to Eldest Son Pabst", Bloomberg L.P. Accessed September 2015.
  9. ↑ "OnVista".
  10. ↑ "Annual Report 2009, p. 14" (PDF).
  11. 1 2 3 Artnet. Accessed March 2017.
  12. ↑ "Annual Report 2009, p. 9" (PDF).
  13. ↑ Carol Vogel (12 December 2013). "Steve McQueen Among 6 Hugo Boss Prize Finalists", The New York Times. Accessed September 2015.
  14. ↑ [s.n.] (15 January 2014). "Benjamin Genocchio To Lead Art Net's Global Art Market Newswire: Artnet News" Archived 2015-11-10 at the Wayback Machine., Media Wired Daily. Accessed September 2015.
  15. ↑ Keith J. Kelly (11 February 2014). "Blouin Media loses staff to rival art startup", New York Post. Accessed September 2015.
  16. ↑ Robin Pogrebin (08 November 2017)."Art Fair Director Replaced After Being Accused of Sex Harassment", The New York Times. Accessed November 2017.
  17. ↑ Vogel, Carol. "Art Prices (and Mood) Inch Back Up", The New York Times. 15 November 2009. Nytimes.com Retrieved 26 May 2010.
  18. ↑ Peake, Mike. "The 10 best visual websites", The Times, 4 October 2009. Retrieved 26 May 2010.
  19. ↑ Sapienza, Terri. "Resources for Finding and Decorating with Art", The Washington Post, 18 September 2009.
  20. ↑ "Investments you can live with" CNNMoney.com. Money.cnn.com. Retrieved 26 May 2010.
  21. ↑ Liberman, Gail. "Managing your Future. How to buy art in today's market". Palm Beach Daily News, 24 January 2010.
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