RCS - artnet AG - NFT and Crypto Currency Initiative

Artnet AGAnnouncement

24/03/2021 09:00

RNS Number : 3143T
  
artnet AG
  
24 March 2021
  
 




artnet AG: Artnet Introduces NFT and Crypto Currency Initiative



Artnet Introduces NFT and Crypto Currency Initiative
·      Artnet Auctions to host Non Fungible Tokens Auctions in 2021
·      Basquiat sells for 360,000 USD, Imi Knoebl sells for 180,000 USD on artnet Auctions
·      Online auctions average transaction value has increased by 38% at Artnet
·      Traffic 31 % higher than last year
Berlin/New York, March 24, 2021: Artnet AG, the leading provider of art market data and online-only fine art auctions is excited to announce that the group will launch its first NFT auction soon. Launched in 2008, artnet Auctions is uniquely positioned as the premier online auctions platform worldwide. During the Covid-19 pandemic, artnet Auctions increased revenues by 26%, driven by a 23% increase in buyers from across the globe. In the current fiscal year, artnet Auctions continues to enjoy great success, most recently achieving high results for works by Basquiat (360,000 USD) and Imi Knoebel (180,000 USD), for example. 
By engaging with NFTs and blockchain technology, artnet continues this ethos of spearheading innovation within the art industry - empowering its clients to transact in a transparent, efficient, and sustainable way.
"Artnet started the first fine art auction online in 2008 - when people couldn't even imagine buying high value products on the internet.", says Jacob Pabst, CEO of Artnet AG. "We have already been selling physical artworks on a digital platform in the past two decades, and now with the invention of blockchain technology and the NFT, we are finally able to sell digital artwork digitally, on its original birthplace, the internet."
Artnet has been considering selling all other forms of digital arts in the past, such as video works, and are excited to be putting this vision into reality now. "With the booming NFT art market, we are expecting to see a new breadth of digital artists as well as collectors" said Jacob Pabst.
Artnet will also start accepting cryptocurrencies as payment for it's products in the future and incorporate NFT auctions results into the artnet Price Database. Add info-the database is now comprised of 14 Million data entries from 378,000 artists over the span of more than 30 years. "Because artnet Price Database is the most-used and most trustworthy database for auction sales, we need to take rigorous steps to make sure every detail are in place.", said Jacob Pabst.
2021 has also seen the launch of several initiatives aimed at expanding artnet Auctions curatorial reach and overall market presence. Art of the Americas and Africa Present, two upcoming sales at artnet Auctions, have launched in partnership with experts across the globe to bring high quality works in several of art market's ever evolving curatorial categories to the platform. The platform's dedication to surfacing artists and artworks from all reaches of the globe speaks to the increasing demand from buyers for great quality works that resonate with market trends.
The flexibility of the platform's model and sale calendar have allowed the business to evolve to meet those market needs, and consignors and buyers alike have taken advantage of this agility.
Artnet's popularity is also reflected by continuous growth in web traffic. Year over year, the number of visitors has increased by 31% to a monthly average of 5.9 million by the end of February.
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 more than 14 million auction results from 1,900 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.
ISIN: DE000A1K0375
LEI: 391200SHGPEDTRIC0X31
Contact:
Sophie Neuendorf
sneuendorf@artnet.com




End of Media Release
 
Issuer: artnet AG

Key word(s): Art
24.03.2021 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.

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Language:


English




Company:


artnet AG








Oranienstraße 164








10969 Berlin








Germany




Phone:


+49 (0)30 20 91 78 -0




Fax:


+49 (0)30 20 91 78 -29




E-mail:


info@artnet.de




Internet:


www.artnet.de




ISIN:


DE000A1K0375




WKN:


A1K037




Listed:


Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange




EQS News ID:


1177790



 











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