American Marconi Wireless News - Artnet AG: Annual General Meeting Results and Strategic Realignment

Key Points from the CEO's Speech

• Artnet sees great potential for further growth and innovation, particularly in the field of artificial intelligence. New technological developments, such as an AI-powered chatbot, present promising opportunities for the future.

• Despite a challenging market environment, Artnet has outperformed the overall market and strengthened its position as the leading digital platform in the art market.

• The company is implementing an ambitious restructuring program, which has resulted in cost savings of $5 million.

Supervisory Board Elections: New Members with Strong Potential

A key agenda item at the Annual General Meeting was the election of the new Supervisory Board. Several proposals were put forward, with the final composition supported by major shareholder Galerie Neuendorf AG but opposed by the second major shareholder, Weng Fine Art. The newly elected and re-elected Supervisory Board members are:

• Roy Israel, a renowned New York entrepreneur and founder of NAM (National Arbitration and Mediation), a leading provider of dispute resolution services.

• Rory Normanton, CEO of ArtFacts, with extensive experience in the digital art market.

• Dr. Pascal Decker, re-elected to the Supervisory Board.

Capital Increase Blocked Again

Another significant voting point was the proposed capital increase, which failed to secure the required majority. As in every Annual General Meeting since 2019, major shareholder Weng Fine Art voted against the proposal. This is unfortunate, as it prevented the company from raising capital through this measure.

Mr. Weng inexplicably failed to adhere to the agreement on the Supervisory Board election, which was proposed and publicly communicated by the company. By doing so, he has once again prioritized his personal interests over those of the company-despite the fact that the art market has been in a severe crisis for years, and access to capital is particularly crucial in such times.

The Annual General Meeting lasted 14 hours. The Supervisory Board and CEO gave shareholders extensive time to ask questions about corporate management and strategy-and answered all inquiries in great detail. The meeting was at times turbulent, as one or more shareholders attempted to push their personal interests with the help of professional disruptors.

Artnet is one of the five strongest and most well-known brands in the art market. The high attendance rate, with almost 88% of shareholders participating, demonstrated the significant interest in Artnet.

Looking Ahead

Despite these challenges, Artnet remains confident that the new Supervisory Board structure and ongoing discussions with potential investors will open new financing opportunities. CEO Jacob Pabst stated:

"With this strong Supervisory Board and our clear strategic direction, we aim to further expand Artnet's market leadership. We are actively driving the digitization of the art market by creating transparency and increasing transaction efficiency, making the market more accessible and economically viable for all participants."

About Artnet

Artnet has an unparalleled 60 million users annually, making it the largest global platform for fine art. Founded in 1989, Artnet has revolutionized the way people discover, research, and collect art today. Artnet's Data provides mission-critical resources for the art industry, encompassing more than 17 million auction results and AI- and ML-driven analytics, further driving transparency and insight into the art market. Artnet's marketplace connects leading galleries and auction houses with its global audience, offering a curated selection of over 290,000 artworks for sale worldwide. Artnet Auctions, the pioneering online-only auction platform, offers unprecedented reach, liquidity, and efficiency for buyers and sellers. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary. It is the single most-read news publication in the fine art industry, with a rapidly growing, dedicated audience. Together, Artnet's broad synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market.

Artnet AG is listed in the General Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. The majority of operations are headquartered in New York at its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.

ISIN: DE000A1K0375

LEI: 391200SHGPEDTRIC0X31

Contact:

Sophie Neuendorf
[email protected]

SOURCE: artnet AG

View the original press release on ACCESS Newswire

P.Mathewson--AMWN