artnet AG: Strong Start to the Quarter for Artnet Auctions

Sales Value On Online Platform Increases By 77% in July

Screen Print by Andy Warhol Sells for 336,000 Dollars

BERLIN, GERMANY / NEW YORK, NY / ACCESSWIRE / August 13, 2020 / Berlin-based Artnet AG, the leading provider of art market data and online-only fine art auctions, reported exceptional sales growth on its auction platform at the start to the traditionally weaker third quarter. According to preliminary results, total sales value at Artnet Auctions in July rose by approximately 77% to 2.1 million USD year-over-year. The number of works sold increased by 44% in the same period. In June 2020, Artnet Auctions had already sold 43% more artworks than in the previous year.

Wide-spread online bidding wars led to high prices in July. Andy Warhol’s silkscreen The Scream (After Munch), 1984, changed hands for 336,000 USD. Schattenbild, ca. 1968, a work by Gerhard Richter, sold for 120,000 USD. At the photography sale HERstory in July, the bidding for two particular lots became more intense than ever at Artnet Auctions. After receiving more than 30 bids each, the two photographs by Francesca Woodman finally sold far above their estimates. Month after month, these auction results underscore the growing acceptance of online transactions in the art market

A continually growing number of visitors reflects Artnet’s unique role in the art market as well. Since the beginning of the year, an average of 4.8 million unique users per month has visited Artnet’s site. For the first seven months, this amounted to an increase of 47% over the previous year. In July alone, the year-over-year increase was 73%. Artnet News, the world’s most-read news site for the art market, drives the enormous growth in visitor numbers.

Although galleries are also suffering much from the current economic crisis, the Gallery Network defied the challenging market conditions in July. The number of members remained stable. The Gallery Network enables member galleries to introduce artists and artworks to Artnet’s millions of users on the Internet.

“Artnet Auctions and the Gallery Network provide liquidity for the art market in light of the business interruptions caused by the coronavirus pandemic,” said Jacob Pabst, CEO of Artnet. “We are experiencing an incomparably fast digital transformation of the art market that will become the new industry standard.”

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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 to1985, 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

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