EQS-News

artnet AG: Artnet Shareholder Meeting 2023

EQS-News: artnet AG / Key word(s): AGM/EGM/Miscellaneous artnet AG: Artnet Shareholder Meeting 2023 31.08.2023 / 15:00 CET/CEST The issuer is solely responsible for the content of this announcement. Artnet Shareholder Meeting 2023

• Strong audience growth and successful core product developments reinforce market leadership

• Revenue stability and cautiously optimistic outlook despite global economic uncertainty and constrained art market performance

New York/ Berlin, August 31, 2023: Artnet AG, listed on the Prime Standard of the Frankfurt Stock Exchange, yesterday held its Annual General Meeting. Shareholders were given a full picture of the 2022 and 2023 YTD performance as well as outlook for the remainder of the year. As shown during the meeting, Artnet was able to expand its position as the leading trading platform for the art market in the past fiscal year 2022 and in the first half of 2023. Artnet’s CEO Jacob Pabst expressed that, "Our goal for the months and years ahead is to further expand Artnet's market leadership as the world's largest platform for fine art. We are driving the digitization of the art market as it matures into a global industry, and are providing the informational transparency and transactional efficiency to cater to it." During the presentation of the 2023 half-year figures, Pabst warned that the current global economic situation in the second half of the year will continue to have an impact on the art market in the short term.

Revenue increases in 2022 and the first half of 2023: The company's revenue totaled $26.3 million in 2022, which represents a 6,6% increase. During the 2022 financial year, Artnet saw strong increases in Media segment revenue. In the first half of 2023, the company's revenue increased 1% to $13 million compared to the same period last year.

Data: Update with new content and new features: The Database reached more than 16 million auction results in 2022. Revenue in this segment decreased 3% to $7.4 million in 2022. In the first half of 2023, the Data segment revenue declined 1,8% YoY to $3.7 million. However, Artnet expects revenue to increase due to the release of the renewed Price Database product. "The redesigned Price Database has been very well-received industry-wide, featuring in-depth data analysis and radically improved search capabilities on a new mobile optimized UX," says Pabst.