Artnet

Artnet

artnet is an online service provider for the international art market with headquarters in New York and Berlin and regional offices in France, China, the UK, Spain and Russia.

Business model

artnet is an information platform for the international art market and provides services allowing its clients to attain price transparency and giving them an effective overview of the art market.

Services

The primary service of this business is the artnet Price Database. artnet’s Price Database currently contains 3.7 million auction sale results since 1985 from over 500 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 2,100 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 an independent online art magazine, alerts by email of newly available artworks, estimate reports, online auctions, a digital library of artists’ monographs, and an international exhibition calendar, among other services.

History

1989 - 1995

artnet was founded in 1989. The company’s initial product was an illustrated auction records database accessible via proprietary software and dial-up connection, providing a quick market overview for collectors and dealers. Hans Neuendorf, one of artnet’s founders and a former gallery owner himself, was made CEO in 1995.

1996-2006

In 1996, data migration of the artnet Price Database to the internet was completed allowing this online platform to be searchable from anywhere. Since then, the artnet Gallery Network, artnet Magazine and additional information services have comprised a website which is essential to collectors, sellers and art aficionados alike.

artnet Worldwide is a wholly owned subsidiary of artnet AG, which was incorporated as artnet.com AG in 1998 in Germany. In 1999, artnet.com AG went public on the Neuer Markt at the Frankfurt Stock Exchange. The name of the company was officially changed to artnet AG in 2002. In October that year, artnet AG left the Neuer Markt and has since been listed in the General Standard at the Frankfurt Stock Exchange, a segment of the EU-regulated Geregelter Markt.

2007 - present

As of February 1, 2007, artnet AG has been included in the Prime Standard of the Frankfurt Stock Exchange. In 2008, artnet launched fine art online auctions 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.

Clients

artnet’s clients include private collectors, galleries, appraisers, museums, auctioneers, insurance companies and government agencies such as the IRS and the FBI.

References

External links

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