Fresh on the heels of Ari Emanuel buying Frieze’s Art Fairs & Magazines for a reported $200 million (FT.com) comes the news that Beowolff Capital who recently bought Artsy are also buying Artnet for $73.7 and taking them private.
Artnews.com reports that
The offer comes as Artnet continues to grapple with mounting financial pressure. The Berlin-based art data and marketplace platform reported a €1.9 million loss for 2023, according to the German business newspaper Handelsblatt—a steeper shortfall than the previous year. Revenues fell to €23.4 million, and the company’s liquidity nearly halved over the same period, leaving it with just over half a million euros in cash.
Beowolff’s bid—made through its investment vehicle SCUR-Alpha 1849 GmbH (soon to be renamed Leonardo Art Holdings GmbH)—already has backing from 65 percent of Artnet’s shareholders, including Weng Fine Art AG, which had previously hinted at a possible sale.
In Tuesday’s announcement, Artnet’s management and supervisory boards both said they supported the move, and that the company would benefit from “a more stable, private environment” and a long-term shareholder structure that frees it from public market scrutiny. The offer is not contingent on external financing. MORE
It is worth notting that Artnews themselves along with ArtForum are owned by Penske Media Corporation.
More information on the purchase HERE
