ARTNET AG Corporate News | May 17, 2021 |
Second Quarter off to a Strong Start as Artnet Auctions Achieves New Heights in April
- 49% increase YoY in fee based revenue for Artnet Auctions in April
- 60% increase YoY in new buyer volumes and 65% increase in new bidder volumes YoY
- 300% increase YoY in number of works sold above $100k for 2021 YTD
Berlin/New York, May 17, 2021-Berlin-based Artnet AG, the leading provider of art market data and online-only fine art auctions announced that April 2021 was another record month for Artnet Auctions. Fee-based revenue saw an increase of 49% to $660k USD YOY. As the strongest April in Artnet Auctions' history, the latest results continued a sustained trend of record-breaking months. Nine of the last twelve months have been the strongest-ever since Artnet Auctions' founding. In the first quarter, fee- based revenue at Artnet Auctions rose by 25% year-over-year to 1.2 million USD, setting a new revenue record for a first quarter.
"The past year presented a perfect storm of market conditions in the art industry and our team has been ready to meet those conditions with expert strategy and execution," says Colleen Cash, Vice President of Auctions. "Our Post-War & Contemporary, Photographs, and Prints & Multiples teams are operating at the highest level of innovation, curation, and market savvy, and consignors, buyers, and bidders are taking notice."
Artnet Auctions has debuted a series of new initiatives in 2021 focused on client acquisition and market expansion. A webinar-based content series called "A Closer Look" connects clients to critical art market players in conversation on industry topics, and the series has garnered hundreds of attendees from across the globe. Additional initiatives focused on expanding the curatorial and market reaches of the platform have proven successful, and April's inaugural Art of the Americas sale and Africa Present sale saw scores of new bidders, buyers, and consignors across categories, geographies, and demographics.
"The online art market is at a fever pitch," says Jacob Pabst, CEO of Artnet. "More artwork is being offered and traded than ever before in the digital realm, and trust in the platform and access to quality works is critical to this growing client base. Artnet Auctions' efficiency, digitally native operation, and 24/7 offering is unmatched in the market."
Trust and access are key considerations for clients in the online market, and April saw the successful sale of Andy Warhol's Campbell Soup Cans II, (complete series of 10 works) for $456,000 as well as Aboudia's Untitled which sold for $144,000.
The spring season is well underway at Artnet Auctions, though no slowdown is in sight. The team's highly anticipated Street Level sale is open for consignments through May 20th, and perennially successful Contemporary Editions sale is open for consignments through June 2nd.
The recently published Quarterly Interim Statement for the First Quarter of 2021 is available at artnet.com/investor-relations/quarterly-reports
About Artnet
Artnet is the leading resource for buying, selling, and researching art online. Founded in 1989, Artnet's suite of industry-leading products has revolutionized the way people discover and collect art today.
The Price Database contains more than 14 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 connects leading galleries with collectors from around the world, offering the most comprehensive overview of artworks for sale. Artnet Auctions was the first dedicated online marketplace for fine art, providing a seamless and efficient collecting experience for both buyers and sellers. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert
Corporate News | May 17, 2021 |
commentary. Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.
ISIN: DE000A1K0375
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Contact:
Sophie Neuendorf
sneuendorf@artnet.com
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artnet AG published this content on 17 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2021 10:28:07 UTC.
