Artnet AG Annual Report 2023: Steady Performance amid Challenging Market Conditions

Artnet AG, a leading online marketplace and information provider for the art market, published its annual report for the 2023 fiscal year. Despite a minimal decrease in total revenue by 7% to EUR 23.35 million, Artnet's stable results in its Media and Data segments highlighted the strength of its diversified revenue model.

Net Profit (EBIT) for 2023 was EUR -1.9 million, driven by underperformance in the Marketplace segment and reduced capitalization of technology development costs. CEO Jacob Pabst emphasized the importance of their diversified business model for resilience and steady growth.

The Media segment saw a slight revenue decline of 2% to EUR 8.6 million. Artnet News registered over 140 million page views, highlighting its role as a primary source of art market news. The company's total page views across all domains exceeded 238 million, solidifying its position as the most visited site in the art industry.

The Marketplace segment faced significant headwinds, leading to a 13% revenue drop to EUR 8.026 million. However, average transaction values at Artnet Auctions grew by 7%, showing the potential of online auctions. Artnet Auctions remained the fourth-largest auction house by online sales, behind Sotheby's, Christie's, and Phillips.

Revenue in the Data segment decreased by 5% to EUR 6.722 million, mirroring a global sales decline at auction houses. Artnet released an API-first architecture Price Database, which is expected to drive future revenues through new data delivery formats.