PRESS RELEASE: Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
25.11.2013 / 09:30
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PRESS RELEASE | 25 NOVEMBER 2013
Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
As part of its e-commerce strategy, Weng Fine Art AG (WFA) has built up a 5.33% stake in New York and Berlin based Artnet AG. The majority of the shares were acquired on November 14 from the remaining stock of former Artnet shareholder Artis in California, which WFA could buy at a price of EUR1.65 per share. WFA acquired additional shares on the Frankfurt stock exchange and currently holds 300.000 Artnet shares. Through this acquisition, WFA becomes the largest art market related shareholder in Artnet aside from its founder Hans Neuendorf.
Artnet is currently representing the best value of all art online companies. 'Despite its poor capital base and its past problems, Artnet still holds the largest revenue and the most far-reaching brand in the online art market,' said WFA CEO, Rdiger K. Weng, of the strategic importance of this transaction: 'Our investment in Artnet represents the perfect start of our strategic portfolio in the art e-commerce industry. These participations and partnerships will provide support to our own e-commerce activities, which will become an important part of the WFA business in the coming years.'
Provided favorable opportunities arise again, WFA will increase its shareholding in Artnet. A control or takeover of Artnet is currently not part of the plan of Weng Fine Art - but rather to strengthen the collaboration with Artnet in certain segments of its business.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and financially strongest art dealerships on the European continent. The company focuses on works of internationally renowned artists from the 20th century and, in its core business, exclusively supplies commercial addresses (B2B) - among them the leading auction houses, dealerships and galleries. The expertise and market positioning gained over nearly 20 years serves as a basis for new business segments such as auctions, e-commerce and art consulting. Weng Fine Art AG shares are traded on the Frankfurt Stock Exchange since 2 January 2012.
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PRESS RELEASE: Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet
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