artnet

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Artnet Worldwide Corp.
Type Stock Corporation
Industry Art Market
Founded 1989
Headquarters New York, Berlin, London
Key people Jacob Pabst (CEO)
Revenue 13.637 Million €[1]
Employees 124[1]
Website www.artnet.com, www.artnet.de, www.artnet.fr

artnet is an online service provider for the international art market with headquarters in New York and Berlin. Additionally, artnet has regional offices in China and the UK.[2]

Business model[edit]

A public company based in Berlin,[3] artnet operates an international trading platform for the art market, including fine arts, decorative arts and design. It provides services allowing its clients to attain price transparency and enabling them to contact galleries directly. The network caters specifically to art dealers, as well as buyers.[4] It has become the leading website for buying, selling and researching fine art and decorative objects online.

Services[edit]

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 7.5 million auction sale results since 1985 from over 1400 international auction houses. Market value and long-term price developments of artworks can be researched online.[5]

An additional key product is the artnet online Gallery Network, consisting of more than 2,200 international galleries worldwide.[6] Collectors are able to search by artist, movement and medium and can contact sellers directly. This service is free of charge for collectors while galleries pay a monthly fee.

The artnet Price Database, the most comprehensive, color-illustrated archive of Fine Art, Design, and Decorative Art auction results worldwide, provides objective information and insights on art prices. The database includes auction results from more than 1,400 international auction houses and covers over seven million auction results for works by more than 270,000 artists, ranging from Old Masters to Contemporary artists. The artnet Price Database Decorative Art includes auction records for a wide range of Antiques and Decorative Art, including furniture, porcelain, ceramics, glass, rugs, carpets, clocks, jewelry, and books. With these discreet tools, users can determine what they should pay for a work of art, the value of their collection, and the right time to buy or sell. This range of services is completed by alerts by email of newly available artworks, online auctions, a digital library of artist works catalogues, and an international exhibition calendar, among other services.[7] An independent online art magazine was published until 2012.

artnet’s newest product is artnet Analytics, an analysis of Price Database data. artnet Analytics allows users to benchmark the market performance of artists, art categories, and customized sets of artworks against financial indices, such as the S&P 500 and Dow Jones, or other alternative assets such as gold. artnet Analytics covers over 840 artists from a variety of collecting categories, such as Impressionism, Latin American Art, Contemporary Art, and Chinese Contemporary Art.

History[edit]

1989–1995[edit]

artnet was founded in 1989 by Pierre Sernet[8] as Centrox Corporation and subsequently changed its name to Artnet in 1995. A group of investors and art professionals, including Hans Neuendorf, came on board in May 1990. Neuendorf had previously co-founded the Art Cologne fair in 1967.[9]

1996–2006[edit]

The artnet Price Database was migrated to the internet in 1996.

In 1998, artnet.com AG was established in Frankfurt under the laws of the Federal Republic of Germany, and Artnet Worldwide Corporation was merged into the company as a wholly owned subsidiary. In 1999, the company was listed on the New Market of the Frankfurt Stock Exchange.

artnet.com AG changed its name to artnet AG and left the New Market on October 4, 2002, to be listed on the Regulated Market of the Frankfurt Stock Exchange.

Because of the growing demand for artnet services in Europe, artnet launched the German language website and magazine and moved offices to Berlin from Frankfurt in 2004.

2007–present[edit]

Since February 1, 2007, artnet AG has been listed in the Prime Standard segment of the Frankfurt Stock Exchange.

On November 1, artnet UK Ltd. was founded as a wholly owned subsidiary of Artnet Worldwide Corporation focusing on sales and customer service in the United Kingdom.

In 2008, artnet launched first online auctions platform exclusively for Fine Art in a move to provide the advantages of the internet to an international audience. Effectively lowering transaction costs and turn-around time in comparison to traditional auction houses, artnet evolves as a transaction platform creating increased liquidity in the art market.[10]

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.[11]

In addition to its English newsletter, artnet has offered a German monthly newsletter since October 2008. This service is free to the public and provides its readers with news about artists, galleries, art fairs, auctions and other art events with a focus on the German art market.

In February 2009, artnet’s launched its new Price Database: Decorative Art. It contains auction sale results of antiques from furniture and silver to rugs and clocks since 2000.

In 2010, artnet launched a free iPhone App for artnet Auctions, artnet Price Database, artnet Artists A–Z, and artnet Magazine.

In December 2011, the beta version of artnet Analytics Reports was launched.

In 2012, the company ceased publication of its online magazines in New York, Berlin, and Paris.[12]

Neuendorf stepped down, and cede the title of CEO to his eldest son, Jacob Pabst in 2012.

Collaboration[edit]

In 2004, artnet and the international auction house Sotheby's began their collaboration.[13]

In 2007, the close collaboration between artnet and Art Basel/ Art Basel Miami Beach started.[14]

References[edit]

  1. ^ a b "Annual Report 2009". 
  2. ^ "Annual Report 2009, p. 20". 
  3. ^ Randy Kennedy (June 21, 2011), A Resurgence in Art Buying Over the Web New York Times.
  4. ^ "OnVista". 
  5. ^ Vogel, Carol. "Art Prices (and Mood) Inch Back Up" The New York Times. 15 November 2009. Nytimes.com Retrieved on May 26, 2010.
  6. ^ Peake, Mike. "The 10 best visual websites" Times. 4 October 2009. [1]. Retrieved on May 26, 2010.
  7. ^ Sapienza, Terri. "Resources for Finding and Decorating with Art" The Washington Post. 18 September 2009.
  8. ^ Pierre Sernet artnet.com
  9. ^ Catherine Hickley (June 25, 2012), Artnet Founder Neuendorf Cedes CEO Role to Eldest Son Pabst Bloomberg.
  10. ^ "Annual Report 2009, p. 14". 
  11. ^ "Annual Report 2009, p. 9". 
  12. ^ Randy Kennedy (June 25, 2012), Artnet Chief Steps Down and Artnet Magazine is Closed New York Times.
  13. ^ "Investments you can live with" CNNMoney.com. Money.cnn.com. Retrieved 26 May 2010.
  14. ^ Liberman, Gail. "Managing your Future. How to buy art in today's market". Palm Beach Daily News. 24 January 2010.

External links[edit]