PARIS, Nov. 10, 2022 /PRNewswire/ -- Artmarket.com
reports Q3 revenue growth (y-o-y) and announces significant
increase in subscription and service prices, deployment 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 Q4 2022 and Q1
2023
In mid-December 2022, Artprice by
Artmarket will deploy its new version, the most advanced in
its history, that will allow it to provide a much more
comprehensive response to customer inquiries and information
queries in this digital decade. After a development phase
extended by 18 months due to the Covid pandemic, this major revamp
has involved all of Artprice's databases and services.
After a call for tenders at the end of 2019, Artprice by
Artmarket selected a team of very high-level and
committed external consultants to audit and develop
a complete overhaul of Artprice.com, with a solid UI/UX
approach (UX and UI respectively stand for User Experience and User
Interface). The results of this user-centric approach will be
visible in mid-December.
The new website will also boast a new economic model with
the inclusion of paying advertisers fully integrated into its
databases and services. These advertisers will be primarily the
6,400 auction houses worldwide affiliated with Artprice for more
than two decades and which now conduct 98% of their sales online.
They will now be able to highlight their future sales in
paying advertiser mode, based on the search criteria used by
Artprice's 5.4 million users. The resulting targeting will be
extremely relevant.
We note that for over 50 years, the economic model of
auction houses has systematically involved advertising costs –
announcing details of upcoming sales – that accounted for
approximately 34% of their overall 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 on our
new website. It is only logical that auction houses now
consider their advertisement of future sales (34% of the cost of
the sale) makes more sense on the Internet rather than in the
printed press.
In the past, Artprice has always considered online advertising
incompatible with its databases in terms of readability and
notoriety. It was therefore a major challenge to respond to
demand from auction houses for advertising while
maintaining Artprice's core DNA.
In the new roll-out, the 6,400 auction operators will be
able to integrate and merge the announcements of their future sales
into the entire industrial process of Artprice by Artmarket, along
with "pushing" the artists selected as favorites to
Artprice's 5.4 million users (alerts by text messages, RSS, instant
messaging, e-mail, 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 long-standing request from its partner auction
houses, the new business model could double its future revenue.
In responding to the numerous and repeated requests from its
6,400 affiliated auction houses around the world to be able to
profitably advertise their future sales, Artprice has made every
effort to remain faithful to its principle of prioritizing the
readability of its databases.
Significant increase in subscriptions
and services fees in early January
2023, a complete overhaul of the Artists Pages in AI and Web
3.0, Art NFTs for better global visibility of the 800,000 artists
listed by Artprice by Artmarket
Artmarket.com will be introducing a significant increase in
subscriptions and services fees in January
2023 that will generate an increase in future income. As
Artmarket.com has been profitable for a decade, the bulk of the
additional revenue will translate into additional net income
because under the French fiscal regime, we can generate up to
90 million euros p/a without
incurring additional tax charges.
The fee 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 in
Artprice that they cannot find anywhere else. Our indisputable
position as 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 ultra-detailed and qualified
data: well over a million new data logs every year.
According to a consensus of art market professionals, Artprice's
databases are today unquestionably the most comprehensive in
the world with nearly 800,000 artists referenced with their
biographies, auction results, indices, decision-making support
tools, signatures & monograms, information about past and
future sales. In total, this adds up to several tens of
millions of inter-connected and high value-added data logs, all
protected by various intellectual property rights.
Despite the substantial price increase, Artprice by Artmarket's
offer remains by far the best-placed compared with the slowly
evolving offer from our competition which offers limited-search
annual professional subscriptions (e.g. 150 queries for €350/year,
450 queries for €975/year and, in the event of overrun, €2.45 per
search). (Information certified by Court Bailiff in November 2022).
In the world of "unlimited" offers, these offers are quite
simply anachronistic. Moreover, the competitions' offer is based on
data regarding only 330,000 artists and from a selection of only
1,600 auction houses, whereas 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 & monograms that is unique in the world.
In short, Artprice's offer will remain highly competitive even
after the fee increase and with further margin for additional price
rises in the future.
Somewhat counter-intuitively – given the geopolitical and
economic context – the global art market is displaying insolent
health, with regular auction records being hammered for works from
all artistic periods, regardless of the country, during recent
sales sessions. And there have been no cancellations of classic
and/or prestige cataloged sales for 2022 or 2023.
The major auction houses and investors are well aware that art
is a safe-haven investment, as shown by the Artprice100© index,
which has clearly outperformed traditional stock market indices.
The current period of stock market jitters has channeled 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 8 November last, AFP, the French Press Agency, highlighted
this phenomenon in an article titled "Collection of
Microsoft co-founder could fetch over a billion dollars
in New York",
adding "By auctioning in New
York the art collected by Paul
Allen (Microsoft's co-founder who died in 2018), Christie's
is aiming for a historic sales record in a bold move that reflects
a market whose indicators are higher than ever, despite the
geopolitical and economic crises."
During December 2022, as part of
our major revamp, we will be introducing 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 ahead of the tariff increase with the
objective of boosting Artmarket.com's revenues from the very start
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 sentiment of users when they
navigate our digital media (databases and services). The objective
of UX design is to enhance the experience of Artprice customers
and/or prospective customers as much as possible in order to make
it easier and more intuitive, both on mobile and desktop devices.
As a result of these changes the expectations and needs of
Artprice's customers and users will be better satisfied.
Thanks to UX design, online navigation is more fluid and more
effective. It eliminates the incomprehension that users often
encounters in their daily online experiences and takes into account
not just the logistics of online navigation, but also the
'emotional' aspect of online navigation.
The Interface aspect (UI design) of our modifications has
focused on enhancing the interaction of Artprice users with our
databases and services. This approach has been used at all stages
in the development of our new website, right through to its
roll-out in mid-December 2022.
Unlike UX (user experience), UI is more focused on the visual
aspect in order to attract the user's eye and to encourage Artprice
users to remain on the various databases and services. The UI
approach has facilitated navigation through all of Artprice's
decision support tools. Its primary objective is to attract new
prospects and customers, enthusiasts, collectors and art market
professionals. Thus, Artprice has modified its R&D policy by
collaborating in a highly selective manner with the very best
consultants in the field in order to acquire new market shares.
The Artists Pages are the principal 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 based since its origin.
It is for this reason that our website revamp has aimed to
reposition artists at the heart of the art market, a position that
is inevitable with the production of Art NFTs which are one of the
foundations of Web 3.0.
This global overhaul of Artprice aims to give its customers and
users a better experience, in line with their needs, after several
years of collecting and analyzing their queries, in strict
compliance with the legislation in force in Europe and the USA.
This overhaul includes, of course, the arrival of Art NFTs, the
growth of which is exponential and constitutes a paradigm shift for
artists in the art market who find themselves once again masters of
their destiny, as was the case during the Renaissance.
All of the art market's market-makers, and in particular the
majority of its auction houses around the world, now have an NFT
department for cataloged and online sales throughout the year.
Likewise, all the major structures in the museum/art galleries
industry are starting to publish their own NFTs.
In addition, the major overhaul of Artprice by Artmarket.com
will at last allow the exploitation of the largest proprietary
collection of original manuscripts and printed 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 of its position as the World
Leader in Art Market Information for the past 25 years.
Thus, 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
over 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 wealth of Artmarket.com's
databases and services, with high added value. The use of
algorithmic AI (Artificial Intelligence) will allow access to very
relevant and personalized recommendations, to enhance customers'
knowledge of the art market and to generate more sophisticated
subscriptions and therefore more business revenue.
Indeed, this feature takes Artprice by Artmarket clients and
users into a Web 3.0 dimension and – by extension – into the domain
of Art NFTs, thereby giving Artmarket.com a considerable lead in
its core business.
During the course of the development of our major roll-out
scheduled in December 2022, Artprice
listened to both its historical customers and its new customers and
prospects.
Indeed, with cryptocurrencies, Art NFTs and the Metaverse, new
collectors and art enthusiasts have arrived, often considerably
younger than their predecessors. There are now more than 450
million potential buyers of Art NFTs. Accustomed to speculation and
risk-taking, but art enthusiasts and collectors nonetheless, they
have absolutely no intention of abandoning their Web 3.0
crypto-universe.
These are the new clients of Artmarket.com, whose services they
have frequently requested. Their main demand in recent years has
been that we post art prices in ETH and BTC in all Artprice
databases.
This huge global community could not understand why Artprice's
reference databases only quoted prices in the world's main fiat
currencies, without the two main cryptocurrencies (ETH and BTC),
which weigh more than 82% of the 21,000 cryptocurrencies (excluding
Stablecoins).
Appreciating the business opportunity represented by 450 million
potential buyers of Art NFTs, Artprice by Artmarket's IT,
econometric and marketing teams therefore moved quickly to respond
positively to their demand.
Artmarket.com has therefore once again taken a major step
forward that required considerable reflection and an imposing
volume of work. As a result since September
2022, Artprice now quotes 8,828,384 art auction results in
Bitcoin (going back to 1 February
2011 when 1 Bitcoin was worth $0.7, £0.434031 and €0.50707) and 5,814,866 art
auction results in Ethereum (going back to 7
August 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 were concluded.
The values were calculated by Artmarket.com's proprietary IT
systems.
https://www.actusnews.com/fr/artmarket/cp/2022/09/12/artmarket_com-adds-ethereum-and-bitcoin-to-its-multi-currency-artprice-databases-to-meet-the-needs-of-its-customers-and-prepare
Since 1997 Artprice's primary ambition has been to foster art
market transparency by expanding knowledge from a circle of
insiders 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
verified, verifiable and above all contextualized data.
Indeed, when navigating our new website, clients and members of
Artprice by Artmarket will intuitively dive into the heart of art
market news and will be privileged players within a human and
educational approach, which is often lacking in the world of the
GAFAs.
Over the years, Artprice, as the World Leader in Art Market
Information, has been a partner in numerous essential and historic
collaborations with artists. Their contributions have been clearly
reflected in the development of our new interface with users.
The other essential collaboration has of course been with the
auction houses which will now have a growing interest in
collaborating with Artprice. Henceforward we will promote their
future sales with discreet and effective prestige, thereby
generating new recurring income for Artprice with its proprietary
Intranet, which has been the reference work tool for auction houses
for many years.
After two years of R&D – extended by the circumstances of
the Covid pandemic – Artmarket.com customers, partners and
members will be able to immerse themselves in a new experience at
the heart of the art market. This is undoubtedly one of the
founding steps for the future of Artprice by Artmarket, with its
positioning fundamentally improved by the referencing of images on
search engines (SEOs) and the dual objectives of increasing traffic
in order to conquer new market shares and to monopolize the market
for the certification of primary issues of Art NFTs.
According to thierry Ehrmann, CEO of Artmarket.com and Founder
of Artprice:
"Artprice by Artmarket.com has patiently and methodically
given itself all the means to evolve in response to the needs of
Art Market professionals. All the indicators are positive for the
future and we project a doubling of revenue, notably by opening up
to paying 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 Artprice's Data Centers by 40%. This has been
achieved by using the principle of micro-grids which allow a better
exploitation of production units (a multiple technologies decision)
and the use of mainly renewable energies.
Through its commitment to the micro-grid, the Artprice by
Artmarket Data Centers are part of a responsible and shared
environmental logic (without risk for Artprice's processing
requirements) which involves analyzing the evolution of renewable
energies with regard to new applied sciences and ongoing research
according to the principle of "formativity" (notion coined by Luigi
Pareyson).
Given the generous geography of our head office (Domaine de
la Source, built in 1630), we are developing, with partners, a
'climatic' system based on the technique of artesian wells which
capture water from deep layers of subsoil. This system will be
protected by patents that will be filed by Artprice and Server
Group, and it will respond in an ecologically responsible manner to
the current energy crisis which is far more serious than the two
oil shocks of 1973 and 1979 and which is only just
beginning.
As a global leader, Artprice considers eco-responsibility a
philosophical and moral obligation. It is coherent with our market
position, our corporate culture and the sentiments of our
customers.
Moreover, as regards 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
remarks by France's Minister of
the Economy, Mr. Bruno Le Maire, as
indicated in a previous press release:
https://www.actusnews.com/fr/artmarket/cp/2022/10/20/artmarket_com-already-positioned-on-nfts-with-artprice-reacts-to-an-interview-on-bfm-crypto-with-bruno-le-maire-and-notably-his
Artprice by Artmarket.com confirms that in the first two
quarters of 2022, the phenomenon of Art NFTs became a lasting
segment of the art market on all continents with an
acceleration of turnover and volumes in the second half of
2022 due notably to the purge of crypto-currencies and much
more favorable new legislation in the USA as well as the introduction
of regulatory framework in Europe that prevents
crypto-abuse/fraud and enhances the confidence
of consumers, investors and operators.
These regulations have been the subject of studies,
colloquia and proposals to major French and European government
bodies by Blanche Sousi and the Art & Law Institute, where
Artprice by Artmarket has been heavily involved as a long-standing
member since 1997.
Artprice invites you to read the latest Banques Notes
published by the European Center for Research in Banking and
Finance, with the analysis of Blanche Sousi, Professor Emeritus of
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
emphasizes: "In its various annual reports on the Art Market and
its regulated information, Artprice by Artmarket.com has always
said with regard to NFTs that it is impossible to apprehend this
new market without a perfect knowledge of the relevant Monetary
& Financial Codes and Intellectual Property Codes of the
countries in which the market is operating. Similarly, to
appreciate the nature of this market (experiencing exponential
growth), one also needs a true understanding of
Blockchain, crypto-currencies and their cultural origins
among the Cypherpunks (period of PGP-type data encryption at
the beginning of 1990)."
Copyright 1987-2022 thierry Ehrmann www.artprice.com
- www.artmarket.com
l Don't hesitate to contact our Econometrics
Department for your
requirements regarding statistics 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 is listed on Eurolist by Euronext Paris,
SRD long only and Euroclear: 7478 - Bloomberg: PRC - Reuters:
ARTF.
Discover Artmarket and its Artprice department on video:
www.artprice.com/video
Artmarket and its Artprice department was founded in 1997 by its
CEO, thierry Ehrmann. Artmarket and its Artprice department is
controlled by Groupe Serveur, created in 1987.
See certified biography in Who's who ©:
Biographie_thierry_Ehrmann_2022_WhosWhoInFrance.pdf
Artmarket is a global player in the Art Market with, among other
structures, its Artprice department, world leader in the
accumulation, management and exploitation of historical and current
art market information in databanks containing over 30 million
indices and auction results, covering more than 800,000
artists.
Artprice by Artmarket, the world leader in information on the
art market, 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 engraved reproductions of artworks from
1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a
permanent basis from 6400 Auction Houses and produces key Art
Market information for the main press and media agencies (7,200
publications). Its 5.4 million ('members log in'+social media)
users have access to ads posted by other members, a network that
today represents the leading Global Standardized Marketplace® to
buy and sell artworks at a fixed or bid price (auctions regulated
by paragraphs 2 and 3 of Article L 321.3 of France's Commercial Code).
Artmarket with its Artprice department, has been awarded the
State label "Innovative Company" 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 market art.
Artprice releases its 2022 Ultra-Contemporary Art Market
Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022
The Artprice 2022 half-year report: the art market returns to
strong growth in the West:
https://www.artprice.com/artprice-reports/global-art-market-in-h1-2022-by-artprice-com
Artprice by Artmarket's 2020 Global Art Market Report published
in March 2022:
https://www.artprice.com/artprice-reports/the-art-market-in-2021
Artprice's 2020/21 Contemporary Art Market Report by
Artmarket.com:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
Index of press releases posted by Artmarket with its Artprice
department:
serveur.serveur.com/Press_Release/pressreleaseEN.htm
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 universe of Artmarket and its artprice
department https://www.artprice.com/video headquartered at the
famous Organe Contemporary Art Museum "The Abode of Chaos" (dixit
The New York Times):
https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
- L'Obs - The Museum of the Future:
https://youtu.be/29LXBPJrs-o
-
www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (over
4 million followers)
- https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department -
Contact:Thierry Ehrmann, ir@artmarket.com
Logo -
https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg
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