February 21, 2002
artnet AG to expand product offerings in 2002 Operating profit since December
New York/Frankfurt, February 21, 2002 artnet AG will be introducing a number of additional services in 2002, which will further strengthen its position as the leading Internet Services Company for the art market. At the end of February, we will offer a new platform enabling galleries to build and maintain their own websites online with a commensurate savings in overhead for artnet. In addition, as of April, we will introduce a Gallery Trading Network, a discreet communications and trading tool exclusively for dealers designed to solve two major problems: lack of transparency and liquidity. 2002 will also see a number of product enhancements including a simplified full text search and an art world directory featuring search capability for specific artists and specialties across galleries worldwide.
We are further pleased to announce an operating profit in December as well as January 2002 for the first time since the business interruption caused by the attack on the World Trade Center. In part, artnet's profitability reflects continued cost cutting, but one should point out that sales for the Fine Art Auctions Database have been particularly good (up 30% in the last five months), even in the face of our recent adversity. This is the clearest indication of our products viability and superior positioning in the marketplace. The company expects a positive EBITDA of Euro 1,0 mio in 2002.
Contact:
Hans Neuendorf
Chief Executive Officer
61 Broadway, 23rd Floor
New York, NY 10006
Tel: 001-212-497-9700 x638
Fax: (1) 212-497-9707
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