Artnet Defies Challenges Brought on by Covid-19

Artnet Auctions and Advertising Grow Revenues by 45% and 26% in October

Total Revenue for Artnet up 16% in October

Unique Visitors at Artnet News up 67% in the First Ten Months

Berlin/New York, December 10, 2020- Berlin-based Artnet AG, the leading provider of art market data and online-only fine art auctions, continued to post strong revenues in its auctions segment in October of 2020. Fee-based revenues at Artnet Auctions increased by 45% to approximately $0.53 million compared to October 2019. For the first ten months of 2020, revenues at the online trading platform rose 21% to $4.0 million compared to the previous year. As a result, Artnet Auctions' revenue at the end of October exceeded the segment's total revenue for the fiscal year 2019.

In the third quarter of 2020, Artnet Auctions generated record revenue from contemporary and Modern art sales. Fee-based revenue increased by 36% to $1.0 million year-over-year.

Artnet thus defied the generally negative trend in the global auction business. Total auction sales value for fine art declined by 38% to $7.4 billion worldwide as conventional auctions were canceled or postponed due to the Covid-19 pandemic. But the pandemic further accelerated the digital transformation of the art market, which Artnet has spearheaded for more than 30 years. Artnet Auctions was ready to meet the moment, as collectors have been able to buy and sell artworks online throughout the year on Artnet's platform. In this way, Artnet provides a liquid market for art even in times of global lockdowns and social distancing.

While other market participants desperately tried to adapt to the new situation, Artnet profited from having revolutionized the art market with online auctions more than ten years ago. "The current situation underscores the importance of our products and the success of our business model," says Jacob Pabst, CEO of Artnet AG. "The market needs transparency and liquidity. Our auctions offer this with fast and cost-effective transactions, making the trading of art much more efficient and attractive."

Despite the physical and economic challenges of the year, Artnet continued to strengthen its role as an information provider for the art market. The number of unique visitors to Artnet News rose by 67% in the first ten months of 2020. Launched in 2014, the news site quickly became the most widely read online publication in the art market, significantly contributing to Artnet's brand awareness. In the first ten months, the overall web traffic at Artnet increased by 41% year-over-year to an average of 4.7 million visitors per month - a trend that benefits all of Artnet's products and customers.

Supported by the healthy growth of Auctions and the Advertising segment, which increased revenues by 26%, Artnet's total revenue rose 16% in October, as compared to last year. This is a positive indication that Artnet's main customer groups - galleries, auction houses, fashion retailers and other luxury brands - returned to Artnet after cutting costs due to the economic effects of the global health crisis in the first half of the year.

The Quarterly Interim Statement for the Third Quarter of 2020 is available at http://www.artnet.com/investor-relations/quarterly-reports

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

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