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Company Overview
artnet has modernized the art business through specialized services provided to the professional art community. The core element of artnet's business is the Online Gallery Network -- the largest of its kind, with over 2,200 galleries, 166,000 works and 39,000 artists from around the globe. Our Network serves dealers and art buyers alike by providing a survey of the market and its pricing trends, as well as the means to communicate instantly, inexpensively and globally. Other key areas include artnet Magazine, a free, daily online trade magazine; and the Price Database, the industry standard for illustrated auction price records.
Company Background
artnet.com AG was incorporated under the laws of Germany in 1998. In 1999 Management took the company public on the Neuer Markt of the Frankfurt Stock Exchange. In 2002 artnet.com AG changed its name to artnet AG. Its principal holding is its wholly owned subsidiary, Artnet Worldwide Corp., a New York corporation that was founded in 1989. On October 4, 2002, artnet AG left the Neuer Markt and was then listed in the General Standard at the Frankfurt Stock Exchange, a segment of the EU-regulated Geregelter Markt. Effective February 1, 2007, artnet AG is now listed in the Prime Standard of the Frankfurt Stock Exchange.
artnet AG and Artnet Worldwide Corp. (collectively, "the Company") operate under the trade name artnet. artnet provides services to fine art professionals that improve the economics of their businesses. The art business is international but is conducted locally by tens of thousands of geographically dispersed dealers, galleries, auction houses, print publishers, museums and collectors in a relatively inefficient marketplace. Observing the inefficiencies in the art business, artnet developed its first product, the Price Database, to bring price transparency to the art market. Today the Price Database has a broad base of customers dominated by major auction houses, art dealers, museums, and insurance companies. In 1995 the company transitioned the Price Database to the Internet and introduced a second product, the online Gallery Network, building and hosting websites for art dealers and galleries on its platform. The online Gallery Network was supplemented by a new online art trade magazine edited by a veteran art journalist to draw attention to the site. Today artnet is a critical tool, providing its member dealers with global market access, significant incremental revenue opportunities, and cost-effective marketing solutions during a contested economic period.
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