PARIS, Nov. 10, 2022 /PRNewswire/ — Artmarket.com reports Q3 (YoY) revenue growth and announces a significant increase in subscription and service prices, the rollout of the most advanced version of Artprice .com in mid-December which will lead, among other things, to a change in the economic model with paid advertisers fully integrated into its databases and services, its Artist pages and its Web 3.0 dimension.
Future events in the fourth quarter of 2022 and the first quarter of 2023
In mid-December 2022, Artprice by Artmarket will deploy its new version, the most advanced in its history, which will allow it to provide a much more complete response to customer queries and information queries in this digital decade. After an extended development phase of 18 months due to the Covid pandemic, this major renovation has involved all Artprice databases and services.
Following a tender at the end of 2019, Artprice by Artmarket selected a very high level and committed team of external consultants to audit and develop a full review of Artprice.com, with a strong UI/UX approach (UX and UI respectively means Experience User and User Interface). The results of this user-centric approach will be visible in mid-December.
The new website will also feature a new economic model with the inclusion of fully integrated paid advertisers in its databases and services. These advertisers will primarily be the 6,400 auction houses around the world that have been affiliated with Artprice for over two decades and now make 98% of their sales online. They will now be able to highlight their future sales in paid advertiser mode, based on search criteria used by Artprice’s 5.4 million users. The resulting guidance will be extremely relevant.
We note that for more than 50 years, the economic model of auction houses has systematically involved advertising expenses – announcing details of upcoming sales – which represented approximately 34% of their total costs, regardless of the country or the size of their activity.
Since auctions are now 98% advertised on the internet, the pressure from Artprice affiliated auction houses in 2022 to promote their sales for a fee has found the best solution in our new website. It stands to reason that auction houses now see their future sales announcement (34% of cost of sale) as making more sense online than in print.
In the past, Artprice has always considered online advertising incompatible with its databases in terms of readability and notoriety. Therefore, it was a great challenge to respond to the demand for advertising from auction houses while maintaining the core DNA of Artprice.
In the new launch, the 6,400 auction operators will be able to integrate and merge the announcements of their future sales throughout the industrial process of Artprice by Artmarket, as well as “push” selected artists as favorites to the 5.4 million users of Artprice (alerts by text messages, RSS, instant messaging, email, My Artists page, etc.).
It is quite possible that the advertising revenue generated by these 6,400 auction houses affiliated with Artprice since 1997 will ultimately exceed our subscription revenue (currently 90% of Artprice’s total revenue). Artprice therefore believes that by responding to a longstanding request from its partner auction houses, the new business model could double its future revenue.
Responding to numerous and repeated requests from its 6,400 affiliated auction houses worldwide to be able to profitably advertise future sales, Artprice has gone to great lengths to remain true to its principle of prioritizing the readability of its databases. .
Significant increase in subscription and service fees in early January 2023, a complete overhaul of artist pages in AI and Web 3.0, Art NFT for better global visibility of the 800,000 artists listed by Artprice by Artmarket
Artmarket.com will introduce a significant increase in subscription and service fees in January 2023 that will lead to increased future revenue. Since Artmarket.com has been profitable for a decade, most of the additional income will translate into additional net income because, according to the French tax regime, we can generate up to 90 million euros per year without incurring additional taxes.
The rate increases follow extensive consultation with Artprice by Artmarket customers who will continue to benefit from our databases and services, being well aware that they find essential data on Artprice that they cannot find anywhere else. Our undisputed position as the world leader in art market information since 1997 must now be commercially exploited at its true value. Remember that our databases are continually updated with highly detailed and qualified data – over a million new data records every year.
According to a consensus of art market professionals, Artprice’s databases are arguably the most comprehensive in the world, with almost 800,000 artists referenced with their biographies, auction results, indexes, decision aids, signatures and monograms, past and future sales information. In total, this adds up to several tens of millions of high value-added, interconnected data records, all protected by various intellectual property rights.
Despite the substantial price increase, Artprice by Artmarket’s offering is still by far the best placed compared to our slow-evolving competitor offering limited search yearly professional subscriptions (e.g. 150 queries for 350 €/year, 450 queries for €975/year and, in case of excess, €2.45 per search). (Information certified by the Court Sheriff in November 2022).
In the world of “unlimited” offers, these offers are simply anachronistic. In addition, the competitions offer is based on data from only 330,000 artists and a selection of only 1,600 auction houses, while Artprice by Artmarket covers 800,000 artists and 6,400 auction houses, with unlimited subscriptions from €265 to €529/ year, including a range of indices, decision-making tools, and signatures and monograms that is unique in the world. In short, Artprice’s offer will remain very competitive even after the fee increase and with more scope for further price increases in the future.
Somewhat counterintuitively, given the geopolitical and economic context, the global art market is showing insolent health, with regular auction records being broken for works from all artistic periods, regardless of country, during the last sales sessions. And there have been no cancellations of classic and/or prestige listed sales for 2022 or 2023.
Large auction houses and investors are well aware that art is a safe investment, as evidenced by the Artprice100© index, which has clearly outperformed traditional stock indices. The current period of nervousness in the stock market has funneled new funds and investments into the art market. As the end of the year approaches, it is clear that the war in Ukraine and fears of a major recession have not had a negative impact on the art market.
On November 8, AFP, the French news agency, highlighted this phenomenon in an article entitled “Microsoft co-founder’s collection could fetch more than a billion dollars in New York,” adding: “By auctioning in New York the art collected by Paul Allen (Microsoft co-founder who died in 2018), Christie’s is targeting an all-time sales record in a bold move that reflects a market whose gauges are higher than ever, despite geopolitical and economic crises.”
During December 2022, as part of our major revamp, we will introduce significant changes to the presentation of our databases and artist pages on Artprice by Artmarket. This development, conceived with a UI/UX approach, will therefore be effective before the rate increase with the aim of boosting Artmarket.com’s revenue from the beginning of 2023.
Conceived after 18 months of in-depth analysis by a highly specialized team of UI/UX consultants, the changes we are introducing take into account the feeling of users when they browse our digital media (databases and services). The goal of the UX design is to improve the Artprice customer and/or potential customer experience as much as possible to make it easier and more intuitive, both on mobile and desktop. As a result of these changes, the expectations and needs of customers and users of Artprice will be better met.
Thanks to UX design, online navigation is more fluid and efficient. It removes the misunderstanding that users often encounter in their daily online experiences and takes into account not only the logistics of online browsing, but also the ’emotional’ aspect of online browsing.
The interface aspect (UI design) of our mods has been focused on improving the interaction of Artprice users with our databases and services. This approach has been used in all stages of the development of our new website, until its launch in mid-December 2022.
Unlike UX (user experience), UI focuses more on the visual aspect to attract the user’s attention and encourage Artprice users to stay in the various databases and services. The user interface approach has made it easy to navigate through all of Artprice’s decision support tools. Its main objective is to attract new prospects and clients, enthusiasts, collectors and professionals from the art market. Thus, Artprice has modified its I D i policy by collaborating in a very selective way with the best consultants in the field to acquire new market shares.
Artist Pages are the main and most common entry points to all of Artprice’s databases and services because artists are the foundation on which the art market has been built since its inception. It is for this reason that the renovation of our website has been aimed at repositioning artists at the heart of the art market, a position that is unavoidable with the production of Art NFTs, which are one of the foundations of Web 3.0.
This global renewal of Artprice aims to offer its customers and users a better experience, according to their needs, after several years of collecting and analyzing their queries, in strict compliance with current legislation in Europe and the United States.
This review includes, of course, the arrival of Art NFTs, whose growth is exponential and constitutes a paradigm shift for artists in the art market who are once again masters of their destiny, as happened during the Renaissance.
All of the art market’s market makers, and in particular most of their auction houses around the world, now have an NFT department for year-round online and cataloged sales. Also, all major structures in the art museum/gallery industry are starting to publish their own NFTs.
In addition, Artmarket.com’s major overhaul of Artprice will finally allow the exploitation of the largest proprietary collection of original manuscripts and print sales catalogs in the world. Dating back to 1700 and owned by Artprice, this collection is the very foundation of Artprice’s digital standardization of the art market and its position as the world leader in art market information for the past 25 years.
In this way, Artprice users and prospects will now be able to navigate from the Artist Pages to several centuries of knowledge that Artprice by Artmarket’s historians and editors have been organizing for the last 25 years, allowing them to immerse themselves in the exceptional and mysterious history of the art market.
These new pages will highlight the richness of the databases and services of Artmarket.com, with a high added value. The use of algorithmic AI (Artificial Intelligence) will allow access to highly relevant and personalized recommendations, to improve clients’ knowledge of the art market and generate more sophisticated subscriptions and, therefore, more commercial income.
In fact, this feature brings customers and users of Artprice by Artmarket into a Web 3.0 dimension and, by extension, into the realm of Art NFT, giving Artmarket.com a considerable advantage in its core business.
During the course of developing our main release scheduled for December 2022, Artprice listened to both its historical clients and its new clients and prospects.
In fact, with cryptocurrencies, Art NFT and the Metaverse, new collectors and art enthusiasts have arrived, often considerably younger than their predecessors. There are now over 450 million potential Art NFT buyers. Accustomed to speculation and risk taking, but art enthusiasts and collectors, they have no intention of leaving their Web 3.0 crypto universe.
These are the new clients of Artmarket.com, whose services they have requested frequently. Their main demand in recent years has been that we publish art prices in ETH and BTC in all Artprice databases.
This huge global community could not understand why Artprice’s benchmark databases only listed prices in the world’s major fiat currencies, without the top two cryptocurrencies (ETH and BTC), which weigh over 82% of the 21,000 cryptocurrencies ( excluding stablecoins).
Appreciating the business opportunity represented by the 450 million potential Art NFT buyers, Artprice by Artmarket’s IT, econometrics and marketing teams moved quickly to positively respond to their demand.
Artmarket.com has therefore once again taken a huge step forward that required considerable thought and an imposing volume of work. As a result, as of September 2022, Artprice lists 8,828,384 art auction results in Bitcoin (as of February 1, 2011, when 1 Bitcoin was worth $0.7, £0.434031 and €0.50707) and 5,814 .866 art auction results on Ethereum (as of Aug 7, 2015) when 1 Ethereum was worth $3, £1.93626 and €2.735523).
Naturally, the tens of millions of calculations underlying this ambitious project were made using the value of the respective cryptocurrencies on the days the respective sales concluded. The values were calculated by Artmarket.com’s own computer systems.
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Since 1997, Artprice’s main ambition has been to promote transparency in the art market by expanding knowledge from a circle of experts to the general population in order to facilitate its development and growth. The new presentation of Artprice by Artmarket will enhance this transparency through access to contrasted, verifiable and, above all, contextualized data.
In fact, by browsing our new website, Artprice by Artmarket clients and members will intuitively immerse themselves in the heart of art market news and will be privileged players within a human and educational approach, which is often lacking in the art market. GAFA world.
Over the years, Artprice, as a world leader in art market information, has been a partner in many essential and historic collaborations with artists. His contributions have been clearly reflected in the development of our new user interface.
The other essential collaboration has of course been with auction houses, who will now have a growing interest in collaborating with Artprice. From now on we will promote your future sales with a discreet and effective prestige, thus generating new recurring income for Artprice with its own Intranet, which has been the reference work tool for auction houses for many years.
After two years of R & D, prolonged by the circumstances of the Covid pandemic, clients, partners and members of Artmarket.com will be able to immerse themselves in a new experience in the heart of the art market. This is undoubtedly one of the foundational steps for the future of Artprice by Artmarket, with its positioning improved fundamentally by the reference of images in search engines (SEO) and the double objective of increasing traffic to conquer new market shares and monopolize the market for the certification of primary Art NFT emissions.
According to Thierry Ehrmann, CEO of Artmarket.com and founder of Artprice:
“Artprice by Artmarket.com has patiently and methodically given all means to evolve in response to the needs of Art Market professionals. All indicators are positive for the future and we project a doubling of revenues, especially by opening to paid advertisers integrated into our services and databases.
We have also developed, since 2017, processes to optimize the use of our servers, by limiting the power required and reducing the energy consumption of the Artprice Data Centers by 40%. This has been achieved using the principle of microgrids that allow a better exploitation of the production units (a decision of multiple technologies) and the use of mainly renewable energies.
Through its commitment to the microgrid, the Data Centers of Artprice by Artmarket are part of a responsible and shared environmental logic (without risk to Artprice’s treatment needs) that goes through analyzing the evolution of renewable energies in relation to the new applied sciences and ongoing research according to the principle of “formativity” (a notion coined by Luigi Pareyson).
Given the generous geography of our headquarters (Domaine de la Source, built in 1630), we are developing, with partners, a ‘climatic’ system based on the technique of artesian wells that capture water from deep layers of the subsoil. This system will be protected by patents that will be filed by Artprice and Server Group, and will respond in an ecologically responsible way to the current energy crisis that is much more serious than the two oil crises of 1973 and 1979 and that is just beginning.
As a world leader, Artprice considers ecological responsibility as a philosophical and moral obligation. It is consistent with our position in the market, our corporate culture and the feelings of our customers.
Furthermore, regarding the exchange of Art NFTs on its Marketplace and given the current energy context, Artmarket.com is pleased to have preferred Ethereum for a long time and fully supports the comments of the French Minister of the Economy, Bruno Le Maire, as stated in a previous press release:
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Artprice by Artmarket.com confirms that in the first two quarters of 2022, the Art NFT phenomenon became an enduring segment of the art market across all continents with turnover and volumes accelerating in the second half of 2022 due in particular to the purge of cryptocurrencies and a much more favorable new legislation in the United States, as well as the introduction of a regulatory framework in Europe that prevents the abuse / fraud of cryptocurrencies and improves the confidence of consumers, investors and operators.
These regulations have been the subject of studies, discussions and proposals to the main French and European government agencies by Blanche Sousi and the Art
Artprice invites you to read the latest Banques Notes published by the European Center for Research in Banking and Finance, with analysis by Blanche Sousi, Emeritus Professor at the University of Lyon 3, Jean Monnet Chair ad personam in European Banking and Monetary Law:
“The European Regulation MiCAR has just been adopted: are NFTs regulated? No, but…”: https://banque-notes.eu/le-reglement-europeen-micar-vient-detre-adopte-les-nfts-sont-ils-reglementes-non-mais/
Thierry Ehrmann, Founder of Artprice and CEO of Artmarket.com highlights: “In its various annual reports on the Art Market and its regulated information, Artprice by Artmarket.com has always said regarding NFTs that it is impossible to apprehend this new market without perfect knowledge of the relevant Monetary and Financial Codes and Intellectual Property Codes of the countries in which the market operates. Similarly, to appreciate the nature of this market (which is experiencing exponential growth), one also needs a true understanding of Blockchain, crypto-currencies and their cultural origins among the Cypherpunks (PGP-like data encryption period in the early 1990s).”
Copyright 1987-2022 Thierry Ehrmann www.artprice.com – www.artmarket.com
l Do not hesitate to contact our Econometrics Department for your statistical requirements and personalized studies: econometrics@artprice.com
l Try our services (free demo): https://www.artprice.com/demo
l Subscribe to our services: https://www.artprice.com/subscription
About Artmarket:
Artmarket.com cotiza en Eurolist por Euronext Paris, SRD long only y Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Discover Artmarket and its Artprice department on video: www.artprice.com/video
Artmarket and its Artprice department were founded in 1997 by its CEO, Thierry Ehrmann. Artmarket and its Artprice department are controlled by Groupe Serveur, created in 1987.
See the certified biography at Who’s who ©: link
Artmarket is a global player in the Art Market with, among other structures, its Artprice department, a world leader in the accumulation, management and exploitation of historical and current information on the art market in databases containing more than 30 million indexes and auction results, covering more than 800,000 artists.
Artprice by Artmarket, the world leader in art market information, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or recorded reproductions of works of art from 1700 to the present, commented on by our art historians.
Artmarket with its Artprice department permanently accumulates data from 6,400 Auction Houses and produces key information on the Art Market for the main press and media agencies (7,200 publications). Its 5.4 million users (‘members log in’ social networks) have access to the ads published by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell works of art at a fixed price or on sale (auctions regulated by paragraphs 2 and 3 of article L 321.3 of the French Commercial Code).
Artmarket with its Artprice department, has been awarded the “Innovative Company” State seal by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the art market.
Artprice publishes its 2022 Ultra Contemporary Art Market Report: link
Artprice 2022 Semi-Annual Report: The art market grows strong again in the West: link
Artprice by Artmarket’s 2020 Global Art Market Report published in March 2022: link
Artprice Contemporary Art Market Report 2020/21 by Artmarket.com: Link
Index of press releases published by Artmarket with its Artprice department: link
Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 5.9 million followers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom
Discover the alchemy and the universe of Artmarket and its artprice department https://www.artprice.com/video based in the famous Organe Museum of Contemporary Art “The Abode of Chaos” (dixit The New York Times): link
Contact of Artmarket.com and its Artprice department – Contact: Thierry Ehrmann, ir@artmarket.com
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