After the brilliantly successful launch of the new version of Artprice.com by Artmarket at the beginning of September, our initial analyses and statistics show an overwhelmingly positive response from our customers and new users as well as a very considerable increase in logged activity (+441%) on a 10-month moving average basis. This surge in activity is expected to directly translate into a substantial boost in our revenue.
Artprice by Artmarket now offers a completely new website that was redesigned in collaboration with the Vahumana team (TRSb Group) of high-level external consultants closely involved in the audit, development, and complete overhaul of Artprice since 2018, using a solid UI/UX approach. UX and UI (User Experience and User Interface) both rely on user-centric approaches to website design.
This new intuitive and user-friendly website, with simplified access, has brought together the numerous high value-added data banks of Artprice.com, its subsidiaries, and its numerous departments, thus allowing easy and direct access to the most important, most relevant, and most exhaustive information on the art market.
Particular attention has been paid to the development of our mobile version. It’s not merely a scaled-down “app” version, which might struggle to capture the full richness of the desktop experience and would remain reliant on operating systems with their continuous cycle of upgrades and fixes.
The feedback from customers and members is unanimous: “The new site is so much more pleasant to use and allows you to navigate through rich and varied content.”
Customers and users are discovering information they never knew existed. The change is so dramatic that some users think Artprice has been involved in a merger or an acquisition! For its financial partners and shareholders, this new version represents a real “game changer”.
The new intuitive search bar, in a central position, offers instant access to a comprehensive tree structure around the subject of the search, which ultimately generates an increase in the time spent on Artprice.com.
Our new search engine instantly connects to information on 821,500 artists, 16,261,100 auction results, and price-index data (including 1,087,500 auction lots referenced over the last 12 months from 7,200 auction houses around the globe) and to all the art market data in our databanks stretching back to the 4th century.
Artprice by Artmarket thus offers the world’s most elaborate and exhaustive search engine on the art market and solidly confirms its reputation as the World Leader in Art Market Information for the past 25 years.
Test it and you will see! The universal search bar shows all the possible information available around the element searched: artists, works in future and past auctions, art market indices, works available on our standardized Artprice.com Marketplace, relevant articles in our ArtMarketInsight® archive, art market reports (annual, semestrial, segment-focused, etc.) and of course, all the relevant data and images in our databases (including signatures and monograms, catalogs raisonnés, archived historical data, etc.) that has been selected, checked and digitally recorded from the colossal archives that Artprice has purchased around the world over the past 25 years (see Artmarket.com’s Universal Registration Document as filed with the AMF – France’s Financial Markets Authority).
Artprice.com by Artmarket’s use of algorithmic AI for its own Intuitive Artmarket ® AI also allows access to very relevant and highly personalized recommendations concerning artists, works, sales, and even art history – allowing users to go infinitely further in their discovery and knowledge of the art market.
Artprice Images® allows unlimited access to the largest collection of art market images in the world, with its collection of manuscripts and sales catalogs forming a physical and digital library made up of 180 million images or engravings of artworks from 1700 to the present day, all commented by our art historians.
In this highly specific economic sector, no art market-related company in the world has such a massive volume of ultra-qualified and proprietary data, with the original paper archives representing a very important asset and an almost impregnable barrier to entry.
It’s worth noting that Artprice by Artmarket has achieved the prestigious distinction of receiving France’s state-endorsed ‘Innovative Company’ label for two consecutive years—an accomplishment that is quite rare among companies listed on regulated markets. This esteemed recognition is bestowed following rigorous eligibility criteria and is conferred by the Banque Publique d’Investissement (bpifrance).
Artprice’s new online architecture integrates new communication spaces for advertisers, with a back-office for the completely autonomous management of their advertisements. The 2023/2024 target for Artprice by Artmarket is to double its turnover.
According to thierry Ehrmann, President of Artmarket.com and Founder of Artprice: “More than ever, the Art Market reflects the world we live in: a world that cherishes all that is beautiful and rare, most of which is finite. We must therefore constantly reinvent by creating new ways to enrich our souls.”
We are seeing a new phase of market acceleration, driven by a growing number of new collectors, particularly in Greater Asia, eager to participate in the exchange of artworks, a commerce that is an integral part of our humanity.
With the 2023/2024 dedicated advertising spaces our customers will intuitively dive into the heart of Art Market news and will be privileged players within a human and informative approach.
After several months of consultations with users, we have refined the user interface of our Standardized Marketplace to streamline the process of accessing artworks available for sale, whether through fixed pricing or auctions, as well as facilitating the seamless posting of online advertisements. The target is to substantially increase the flow of transactions in a market where roughly 70,000 artworks are available every day.
As planned in its 2023/2024 calendar, Artprice has therefore opened its paid spaces (in compliance with IAB standards) to the art market. This historic opening implies a radical change in our economic model, with paying advertisers fully integrated into its databases and services, its Artists pages, and its Web 3.0. However, every effort will be made to ensure the discretion of the advertising in terms of design and ergonomics for its clients and subscribing members.
The new digital modules available to its advertisers offer a multitude of locations, with choices of language, media, duration, and prices, while harmoniously respecting the primary raison d’être of providing access to Artprice’s databases, which remains our company’s fundamental DNA.
The significant and highly successful rollout of Artprice’s IT infrastructure will generate new turnover from paid new subscriptions and new revenue from advertising that will be fully integrated into the Artprice by Artmarket databases and services, allowing advertisers complete control over their digital campaigns. Together, these new sources of income should double our company’s turnover within 12 months.
As regards the advertising revenue, our principal targets are of course the 7,200 auction houses around the world, the vast majority of whom have been affiliated with Artprice for more than two decades and 98% of whom now announce their physical or digital sales on the Internet (including their post-Covid “online sales”).
The second group of potential advertisers are organizers of Art World events such as fairs and exhibitions which are mushrooming on all five continents of the globe. In the Contemporary and Modern Art segments alone, Artprice counts nearly 400 such events.
And who will their advertising be aimed at? The 18,000 fine art valuers and appraisers, the art insurers, the 32,000 galleries, and the 4,500 art museums and institutions around the world, all will benefit from highly targeted digital communication.
All these potential advertisers and their targets are customers who have subscribed to Artprice’s databases for a very long time.
The 7,200 global auction houses affiliated with Artprice can now highlight their future sales with extremely relevant targeting, in paid advertiser mode, according to very specific search criteria, while strictly respecting European (GDPR) and American laws on personal data of Artprice’s 7.2 million customers and members.
Remember, for over 70 years now the standard economic model of an auction house includes an advertising budget to announce details of public sales that represents 34% of its overall costs, regardless of the country or the size of the operator. With the advent of digital advertising making it possible to respond instantly to advertisers, this budget can only grow.
In practice, auction houses hosting meticulously cataloged sales, regardless of their scale, gain insight into artworks that may potentially remain unsold due to a lack of buyers or unmet reserve prices. This information is typically conveyed through purchase orders or ATPs (Advance Payment Terms), which they receive approximately 3 to 4 days prior to each auction.
In such cases, the auction house is ready to deploy ultra-targeted digital campaigns in a few hours to make the most of its upcoming sale. Only Artprice, with its data centers, it’s engineering, and its processes can respond to this type of request, 24 hours a day, and on a global scale.
In summary, the new online version of Artprice.com by Artmarket is a real paradigm shift, but it remains 100% faithful to the historical DNA of Artprice and to the primordial postulate of its founder, thierry Ehrmann – to make art market information as accessible and transparent to the widest possible population. Artprice’s historic alliance with the first global press agency dedicated to art market news and information, Cision PR Newswire (reaching 119 countries in 18 different languages) is an integral part of this strategy.
