Artnet publishes Q3 Report: Steady performance with focus on technological
advancements

EQS-News: artnet AG / Key word(s): 9 Month figures/Miscellaneous
Artnet publishes Q3 Report: Steady performance with focus on technological
advancements (news with additional features)

16.11.2023 / 16:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Artnet publishes Q3 Report: Steady performance with focus on technological
advancements

* 13% new users across the platform

* Unified subscription, Artnet Pro, to be released in Q4

New York/ Berlin, November 16, 2023: Artnet AG this week published its
results for the third quarter of the current fiscal year in line with
requirements set by the Frankfurt Stock Exchange. As reflected in the
Report, revenue decreased only 2% in the first nine months of the year
despite challenging art market conditions and economic headwinds.

Artnet's Media segment grew 2% through the third quarter. It is expected to
return to its strong growth trajectory in the fourth quarter and into 2024
with a robust pipeline of advertising contracts.

Marketplace revenues decreased 7% through the third quarter. The global art
market is in the midst of a significant correction, and total volumes
offered and sold in the art market are down significantly, decreasing 11%
through the third quarter. In response to tightening market conditions,
Management has completed a data-led strategic review and refocussed the
business on core, top-performing artist groups and price segments. Top lots
at Artnet Auctions during the third quarter of 2022 included a work by
acclaimed photographer Herb Ritts wich hammered down at 100,000 USD; a
diptych by Yue Minjun, which achieved 50,000 USD; and a work by west coast
Pop artist Ed Ruscha, 'Made in California,' 1971, which hammered down at
75,000 USD.

Through the third quarter, revenue from the Data segment declined 2% YoY to
5,488k USD. The third quarter typically sees reduced search activity due to
the sparse summer auctions program. Data revenue is expected to increase in
the fourth quarter due to an increase in enterprise data services as well as
the release of new enhancements to the user experience of the Price
Database. The renewed Price Database is built on a new API-first
architecture, introducing the opportunity for transformational new data
delivery formats. A mobile-optimized design eases access to our global user
base and drives search volume, and the implementation of elastic search
introduces vast new search possibilities. Artnet's Data Science team has
produced intelligent, dynamic analytics that enable deep insight and
understanding of the art market.

The release of the new Price Database and the development of Artnet Pro
underpin the tremendous work of our team so far this year and highlight the
forceful momentum we've been able to maintain under difficult circumstances.
By 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.

Click through for further Investor-relations related news and publications

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 15
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 285,000 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.

ISIN: DE000A1K0375

LEI: 391200SHGPEDTRIC0X31

Contact:

Sophie Neuendorf

sneuendorf@artnet.com


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Additional features:

File: https://eqs-cockpit.com/c/fncls.ssp?u=77318236ed26b666ecea4441e9c263e9
File description: Q3 Report

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16.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        artnet AG
                   Oranienstraße 164
                   10969 Berlin
                   Germany
   Phone:          +49 (0)30 20 91 78 -0
   Fax:            +49 (0)30 20 91 78 -29
   E-mail:         info@artnet.de
   Internet:       www.artnet.de
   ISIN:           DE000A1K0375
   WKN:            A1K037
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Stuttgart, Tradegate Exchange
   EQS News ID:    1775487

End of News EQS News Service
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1775487 16.11.2023 CET/CEST