"Dozens of workers at both companies have been laid off as of today, April 16. A spokesperson confirmed the cuts in an email to Hyperallergic, but declined to provide specific numbers."
"Despite making millions each year from its core product, its price database, and sales from its online auctions, Artnet recorded a 12% revenue decline in the first half of 2025 that it attributed primarily to 'lower-than-expected performance in the Media segment.'"
"The British investment firm Beowolff Capital acquired a controlling stake in Artsy, an online art marketplace with a smaller editorial operation, last year."
"Months later, after a failed bid for struggling Artnet, Beowolff also absorbed that company in a $65 million deal, taking Artnet private after more than 25 years on the Frankfurt Stock Exchange."
Artnet and Artsy have merged, leading to significant layoffs across both companies. A spokesperson confirmed the layoffs were part of organizational changes aimed at creating a unified team. Despite generating millions from its price database and online auctions, Artnet experienced a 12% revenue decline attributed to poor performance in its media segment. Beowolff Capital acquired a controlling stake in Artsy and later absorbed Artnet in a $65 million deal, taking it private after over 25 years on the Frankfurt Stock Exchange.
Read at Hyperallergic
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