Artnet Auctions targets million dollar market and succeeds

DGAP-News: artnet AG / Keyword (s): Sales development / Miscellaneous
10.06.2021 / 15:00
The issuer is solely responsible for the content of this advertisement.

Artnet Auctions targets million dollar market and succeeds

– that of Frank Stella Rozdol I sells for 1.1 M USD
– Five of the most expensive works in the history of the platform sold in the last five months
– Platform to test the waters of the market with a high added value sale in August 2021

Berlin / New York, June 10, 2021 – Berlin-based Artnet AG, the leading provider of art market data and online-only art auctions, has announced that the speed model , efficiency and good custody sense of Artnet Auctions has proven to be a winner in recent months, and the company has continued to exceed historical precedents in terms of sales, average transaction value and volume. In May 2021, after the strongest first quarter in company history, the platform saw the successful sale of Frank Stella’s Rozdol I for 1.1 M USD. This work joins the ranks of many other high value works sold on the platform in recent months.

Sales of Rozdol I sets a new auction record for a work in this important series. As if it was the sister room Rozdol II, the historical works of the Polish Village series are kept in the collections of the most prestigious museums in the world.

” Sales of Rozdol I confirms what we have known for a long time about the promise of our model, ”says Jacob Pabst, CEO. “Market participants have become increasingly comfortable with online transactions over the past eighteen months, and Artnet Auctions has been a key player in implementing these behavioral changes. Customers know we’re a standard-bearer in making it easy to sell high-quality artwork online, and our team of specialists are the best in the business. This historic sale is just the beginning of our path of growth and expansion. “

The global Artnet Auctions team holds over 70 online auction events each year and also facilitates private sales. “The Artnet Auctions team is unlike any other team of art specialists, catalogers and professionals in the market,” says Colleen Cash, VP, Auctions. “We use a hybrid approach that combines best practices in customer development and modern technology to provide the most comprehensive support for the works of art that we are supposed to sell. Our shippers and buyers have taken note of this unique advantage: since the start of the year, we have seen a 30% increase in the total number of buyers, a 39% increase in the total number of bidders and an increase of 21% of the total number of sellers. This played a significant role in the sale of this Stella masterpiece, or in the sale of five of our best-selling lots in our company history in 2021 alone. “

The Artnet Auctions team is keen to continue driving growth and innovation over the coming year, and will look to further test its growing strength in the upper levels of the market in August with an art sale. post-war and contemporary of great value. Estimates range from $ 100,000 to $ 1,000,000 and shipments are currently accepted for this sale.

About Artnet

Artnet is the premier resource for buying, selling and finding art online. Founded in 1989, Artnet’s cutting-edge product suite revolutionized the way people discover and collect art today.

The Price Database contains over 14 million auction results from 1,900 auction houses since 1985, providing an unparalleled level of transparency to the art market. The Gallery Network platform connects leading galleries with collectors around the world, providing the most comprehensive overview of works of art for sale. Artnet Auctions was the first online marketplace dedicated to fine art, providing a seamless and efficient collection experience for 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 on the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards.

ISIN: DE000A1K0375

LEI: 391200SHGPEDTRIC0X31

Contact:

Sophie Neuendorf

[email protected]

06.10.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

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