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Performance artist - "In general profitable"
by Thorsten Winter (Excerpt)
FAZ, January 13, 2002
Frankfurt. With very tight finances not every entrepreneur looks positively into the future, except Hans Neuendorf. He is sure that his company will end the year with a pre-tax profit of about one million dollars.
Neuendorf gives several reasons why the firm, which began providing web-based services in 1995 to art dealers, auction houses and museums, will be profitable. First: "We know how to make money on the internet. We don’t make costly investments anymore." Second: Each month the company earns more than it spends. Third: Many of the 1,300 Artnet-website represented galleries as well as auction houses "are dependent on us. If the website is not up for one day they call us constantly." Fourth: Artnet has three products that don’t face any competition including the members-only database with auction results and images. More products are under development such as an intranet so that galleries can offer their pictures via Artnet.
The terror attack cost the company a lot of money – and this after a "seasonally weak" summer. Before that, Artnet was in the black, which Neuendorf foresees for the future based on the loyalty of Christie’s and Sotheby’s as well as the Metropolitan Museum and the Museum of Modern Art in New York. In addition, higher profits will result from the auction results database because there won’t be more fixed costs; the data entry is done regardless of the amount of members.
And this year, the father of five children claims, Artnet will be more present in Germany. He plans a German-language magazine and will pay dividends as soon as Artnet is more profitable.