Artnet AG: Analysis Result

BERLIN - Occasion: Presentation of the Annual Report for the Year Ended December 31, 2008

- HOLD - Current Price Target EUR 5.39

artnet continued its growth course in fiscal 2008 with revenue up 12% on a euro basis (in USD: +19%). Accelerated investment in new products and technical improvements, which put a damper on short-term profitability, led to the successful launch of the artnet Online Auctions transaction platform in February 2008. Another result of this investment activity was rolled out a year later in February 2009: the artnet Price Database Decorative Art. This contains international auction results since 2002 for furniture and decorative art ranging from the Middle Ages to Art Nouveau. In spite of the global economic crisis, artnet grew on a dollar basis in Q4/2008 by 7.3% excluding auctions and by 10.5% including auctions compared with the same quarter in 2007. Total revenue was down 1% as against Q3/2008. Measured in euros (artnet’s reporting currency), revenue for the quarter under review rose by 14% compared with the previous quarter on the strength of positive exchange rate effects.

October 2008 saw the launch of the artnet.fr website. France is the third -largest art market worldwide after the United States and the United Kingdom. To reach the local clientele, artnet offers an online magazine in French that is updated on a daily basis and whose content is supervised by a French editorial team. Through this investment, artnet aims to expand its competitive position substantially in France in particular.

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Contact: Uwe Jaennert +49(0)211-650-4980

Source: Artnet AG

Contact: Uwe Jaennert, +49(0)211-650-4980