Artnet AG: Artnet Plays Key Role for Art Market During Coronavirus Crisis

Sales at Artnet Auctions Increase by 46% in the Second Quarter

Number of artworks sold on Artnet Auctions rises by 43% in June

Number of visitors grows strongly in first six months

Berlin, NY / ACCESSWIRE / July 21, 2020 / Sales at Artnet Auctions in the second quarter of 2020 increased by 46% to approximately $7.6 million year-over-year, according to preliminary results. In the first half of the year, which was profoundly affected by the spread of the coronavirus pandemic, total sales grew 13% to about $12.1 million. Although worldwide total auction sales volume slumped 79% to $2.8 billion in the first six months of 2020, Berlin-based Artnet AG, the leading provider of art market data and online-only fine art auctions, thus defied the generally negative trend in the global art auction market.

In June, the number of artworks sold on Artnet Auctions rose by 43%as compared to the previous year. The total sales value for the month rose by a third to $2.1 million. In May, sales had doubled to a record $4 million. These results underscore the growing acceptance of online transactions in the art market, and the key role Artnet Auctions plays in this development.

Amid wide-spread lockdowns, Artnet’s online transaction platform has become one of the few options to continuously buy and sell fine art in a fast and cost-efficient way. “The rest of the market is mostly unable to react to the high demand for online transactions on short notice,” says Jacob Pabst, CEO of Artnet. “The coronavirus crisis is accelerating the digital transformation of the art market. But the changes were long overdue. Online transactions will become the industry standard due to their obvious benefits and efficiency.” Artnet launched online-only auctions in 2008 and has been driving the digitalization of the art market since the company’s founding more than three decades ago. In the first six month of 2020, the number of visitors to Artnet grew by 44%, emphasizing the ever-increasing role of art services online.

Artnet’s online auction model differs fundamentally from conventional brick-and-mortar auctions. Artworks are usually shipped from the seller to their auction halls for exhibition, and many sales require the printing of expensive catalogues. Unsold lots are later returned to their owners. At Artnet Auctions, on the other hand, the art remains with the seller before and during the sale. Specialists verify images and information about the lots, before these are published exclusively online. The continuously held sales are completed within only two weeks, ensuring a quick turnaround and ample liquidity for the art market. The average costs for clients are half compared to other auction options on the market. With its unparalleled cost-effective, fast, and efficient execution, Artnet Auctions remains the transaction model of the digital age.

“The changes in the art market demand digital solutions,” says Artnet CEO Pabst. “Artnet already offers the innovations that will be the industry standard in the years to come.”

The six-month report of Artnet AG will be published on August 14, 2020. Artnet’s management confirms the forecasts for the 2020 financial year published in the 2019 annual report.

For further information, please contact: press@artnet.com

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 collect art today. The Price Database contains approximately 14 million auction results from 1,800 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 commentary.

Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.

SOURCE: artnet AG via EQS Newswire

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