Traded as FWB: ART Key people Jacob Pabst (CEO) Number of employees 118 (2014) CEO Jacob Pabst (1 Jul 2012–) Founded 1989 | Industry art market Revenue €13,907,000 (2014) Website artnet.com Headquarters Berlin, Germany Type of business Stock Corporation | |
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Stock price ART (ETR) € 2.70 0.00 (0.00%)17 Feb, 12:07 PM GMT+1 - Disclaimer Profiles | ||
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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, and is owned by Artnet AG, a German public company based in Berlin and listed on the Frankfurt Stock Exchange. The company made a loss of over €3 million in 2014, part of which was due to costs and damages awarded against it by a court in France for copyright infringement.
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Company history
The company was founded as Centrox Corporation in 1989 by Pierre Sernet, a French collector who developed database software which allowed images of artworks to be associated with market prices. Hans Neuendorf, a German art dealer, began to invest in the company in the 1990s; he became chairman in 1992 and chief executive officer in 1995. In the same year the name was changed to Artnet Worldwide Corporation. It was taken over by Artnet AG in 1998.:14 Neuendorf's son Jacob Pabst became chief executive officer in July 2012.
The website
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.
In 2008, Artnet launched an online auction platform exclusively for works of art.
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.
In 2012, the company ceased publication of its online magazines in New York, Berlin, and Paris, for financial reasons.
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.
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 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.
An additional key product is the Artnet online Gallery Network, consisting of more than 2,200 international galleries worldwide. 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.
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. An independent online art magazine was published until 2012.
Collaboration
In 2004, Artnet and the international auction house Sotheby's began their collaboration. The close collaboration between Artnet and Art Basel/ Art Basel Miami Beach started in 2007.