The web site Artnet is about to endure a significant shakeup with the retirement of its founder, 88-year-old Hans Neuendorf, and the arrival of potential new board members. The corporate, which was based by Neuendorf in 1989, is quoted on the Frankfurt inventory trade as Artnet AG.
An invite will go to shareholders, inviting them to an annual common assembly (AGM) on 27 February. The invitation lays out a proposed new supervisory board together with Frédéric Jousset, the founding father of the ArtNova fund [full disclosure, this writer also works for the Art Business Conference, which Jousset acquired last year]; Sophie Neuendorf, the vice-president of Artnet (and daughter of Hans); and Rüdiger Weng, the chief govt of Weng Advantageous Artwork AG. Two US financiers, Lawrence B. Benenson and Roy Israel, can even be proposed. This AGM replaces one which was postponed final yr.
Weng, whose firm Weng Advantageous Artwork is the most important shareholder in Artnet AG with 29% of the shares, has lengthy been a thorn within the firm’s facet, searching for a seat on the board and complaining that the corporate has an out-of-date web site and no cellular software. In an announcement, Artnet stated: “Artnet is working laborious on discovering options that profit all shareholders, permitting the corporate to herald new capital whereas remaining true to its mission as an unbiased data supplier and market for the worldwide artwork world. The AGM can be held in February as per Artnet’s assertion from November 2024. Artnet’s administration will embrace a capital enhance on the agenda because it has beforehand, and is hopeful that on this event it’ll obtain the assist from WFA and different shareholders in order that Artnet can optimally work in direction of its targets within the aggressive on-line artwork market.”
In January this yr, Weng despatched out a press launch claiming that the Neuendorf household, “proceed to pursue solely their very own pursuits, that are directed towards the pursuits of the overwhelming majority of shareholders.”
It now appears that the 2 combatants have kissed and made up, with Weng reaching a lot of what he has lengthy requested for. He tells The Artwork Newspaper: “We assume the invitation will go public later this week. I assist the thought of a board of three and am blissful concerning the potential arrival of latest board members, and notably the nomination of Frédéric Jousset. I assist the prospect to boost new capital for Artnet.”
A spokesperson stated: “We’re excited to suggest a powerful expanded board that gives the strategic assist to place the corporate for future development.”
Weng Advantageous Artwork has 12 workers and a market cap of €25m, with a share worth of €4.30 (on 21 January). Artnet has round 131 workers; its market cap was €38m and share worth was €6.70, all on the time of writing.
