FRANKFURT, May 29, 2025 — Artnet AG, the German-based art tech company operating the world’s largest database of art auction results, is set to delist from the Frankfurt Stock Exchange after more than two decades as a public company.
The move follows an acquisition initiative led by British investor Andrew Evan Wolff, through his investment firm Beowolff Capital. The firm has reportedly secured agreements from shareholders holding 65% of Artnet’s shares. If finalized, the deal will transition Artnet into a private entity.
The buyout offer, submitted via the investment vehicle SCUR-Alpha 1849 GmbH, proposes a cash price of €11.25 per share — a 97% premium over Artnet’s closing price on March 3, 2025.
The acquisition comes amid financial struggles at Artnet. According to a recent report by Artnet News, the company posted a net loss of €1.9 million in 2023, with revenues declining to €23.4 million. Its data segment, one of its core business units, saw a 5% drop in revenue, totaling €6.72 million.
Founded in 1989, Artnet was the first company to create a price database for artworks and has since become a trusted source in the global art market. It currently partners with more than 1,600 auction houses and over 1,700 galleries worldwide, while maintaining offices in New York, London, and Beijing.
Wolff, who is also the largest shareholder of U.S.-based art platform Artsy, has announced plans to build a unified, AI-powered art tech ecosystem by integrating Artnet and Artsy. “The digital art market has reached a point where rapid innovation is essential,” Wolff said. “We aim to leverage AI to create synergy between both platforms and lead the next era of art commerce and data intelligence.”
Industry observers see the acquisition as a signal of broader consolidation within the art tech sector, which has been grappling with digital transformation and shifting market dynamics in recent years.
Sayart / Jason Yim yimjongho1969@gmail.com
