Artprice by Artmarket reaps the fruit of two years of development which enabled the complete overhaul of its online databases, leading to a 75% increase in its turnover for the third quarter of 2023.
Thierry Ehrmann, Founder of Artprice and CEO of Artmarket: “In January 2023, Artprice by Artmarket deployed its new online version, the most successful in its history, in response to customer pressure from all over the world. As a result, our turnover for the 3rd quarter of 2023 has posted a 75% increase versus the year-earlier period. In the current “all-digital” era, this increase is the perfect reward for the tremendous work conducted by our teams”.
The launch of our new online version was a major project involving all of Artprice’s databases and services, and which took two years to plan and develop (prolonged by the Covid-19 crisis).
After a call for tenders, Artprice by Artmarket selected the company Vahumana of the TRSb Group and its team of highly talented top-level external consultants for the audit and development of the complete overhaul of Artprice.com. The entire project was conducted with a ‘user-centric’ approach that prioritizes the intuitivity of the user experience (UX) and optimizes the fluidity and ergonomics of the user interface (UI).
From early September 2023, the final online version of Artprice.com by Artmarket, World Leader in Art Market Information for 25 years, has become the Art Market benchmark in terms of customer experience and ergonomics.
After this brilliantly successful launch, our initial data shows excellent uptake of the new Artprice.com by Artmarket among existing and new customers as well as a massive 441% increase in online traffic (activity logs) on a 50MM traffic moving average. In the long term, we can therefore expect significant turnover growth (due to higher traffic) and this has already been confirmed by our Q3 2023 figures which show a 75% turnover increase vs. Q3 2022.
Our new intuitive and user-friendly online presence, with its simplified access, has unified all the high value-added databanks built by Artprice.com, its subsidiaries and its various departments, thus allowing easy access to the most relevant and exhaustive information on the art market. This has led to a very significant increase in the number (and duration) of professional & high-end annual subscriptions, clearly confirming customers’ strong confidence in Artprice.
We’ve made a deliberate effort to elevate our users’ mobile experience by implementing responsive web design (RWD) for the entire Artprice database. This approach ensures a seamless experience without resorting to a limiting ‘App’ solution. Unlike mobile apps that often require frequent updates and fixes, our RWD solution delivers the full richness of the desktop/laptop experience.
The feedback from customers and members is unanimous: “The new Artprice site is so much more pleasant to use and allows you to navigate through rich and varied content.”
Now our customers and users are discovering information they never knew existed. Some even think that Artprice must have acquired some new companies to have changed so much… For its financial partners and shareholders, this version is a real “game changer”.
The new centrally-positioned and intuitive search bar offers instant access to an exhaustive tree structure around the subject of the search, which ultimately generates an increase in the time spent on Artprice.com.
Our search engine links instantly to Artprice databases with art market information from the 4th century to the present day and data concerning 825,800 artists, 16,448,000 sales prices and indices, and 1,087,500 auction lots hammered over the last 12 months from 7,200 auction houses around the world.
Artprice by Artmarket provides the most elaborate and exhaustive Art Market information and the most useful research tool for accessing that information in the world, confirming its position as the World leader in Art Market Information for 25 years.
The universal search bar immediately draws up a wealth of information around the element sought: whether it is an artist, biography, artist email alerts, artworks in future and/or past auctions, art market indices, Artpricing® estimations, works available on our standardized Artprice.com Marketplace, art market news and articles in our archive of ArtMarketInsight® articles, or Artprice reports on the Art Market. It will also immediately connect your search to our databases to extract signatures and monograms, catalog raisonnés, archived historical data, etc. that Artprice has digitalized from the key historical art market archives acquired around the world over the past 25 years (cf. Artmarket.com’s universal registration document (URD) filed with France’s Financial Market Authority(AMF)).
Artprice.com by Artmarket uses algorithmic artificial intelligence in its proprietary AI Intuitive Artmarket® allowing customers access to relevant and personalized recommendations regarding, artists, artworks and auction sales, thereby automatically enhancing their knowledge and understanding of the art market.
Artprice Images® allows unlimited access to the largest collection of digital art and art market-related images in the world based on Artmarket.com’s collection of manuscripts and sales catalogs which now form a vast physical and digital library containing 180 million photos and engravings of artworks from 1700 to the present day, all commented by our historians.
In this very specific economic sector, Artmarket.com owns by far the largest volume of high-quality objective and proprietary (value-added) art market data. The original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years are a key asset as they represent an almost impregnable barrier to entry.
In addition, Artprice’s new online architecture integrates new communication spaces for advertisers, supported by a new Back Office for the completely autonomous management of their advertisements. With the new advertising revenue, Artprice by Artmarket expects to double its turnover in 2023/2024 versus the previous financial year.
Despite the current geopolitical and economic context, the art market is showing dynamic health with regular auction records hammered across all artistic periods in all countries during recent sales. There have been no cancellations of classic and/or prestige cataloged sales for the end of 2023 and 2024, these sales being the main indicators of the market’s condition.
The major auction houses and investors know full well that the art market is a safe haven and a good investment, as illustrated by the Artprice100© index. The current period of uncertainty is also prompting new investments in the art market.
The war on European soil, the conflict in the Middle East, the dizzying rise in interest rates and the fears of recession have not got the better of the art market at the end of 2023.
