The web site Artnet is about to bear 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 alternate 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 government of Weng Effective Artwork AG. Two US financiers, Lawrence B. Benenson and Roy Israel, can even be proposed. This AGM replaces one which was postponed final 12 months.
Weng, whose firm Weng Effective Artwork is the most important shareholder in Artnet AG with 29% of the shares, has lengthy been a thorn within the firm’s aspect, looking for a seat on the board and complaining that the corporate has an out-of-date web site and no cell software. In a press release, Artnet mentioned: “Artnet is working arduous on discovering options that profit all shareholders, permitting the corporate to usher in new capital whereas remaining true to its mission as an impartial info supplier and market for the worldwide artwork world. The AGM will probably be held in February as per Artnet’s assertion from November 2024. Artnet’s administration will embody a capital improve on the agenda because it has beforehand, and is hopeful that on this event it is going to obtain the assist from WFA and different shareholders in order that Artnet can optimally work in direction of its objectives within the aggressive on-line artwork market.”
In January this 12 months, Weng despatched out a press launch claiming that the Neuendorf household, “proceed to pursue solely their very own pursuits, that are directed in opposition to the pursuits of the overwhelming majority of shareholders.”
It now appears that the 2 combatants have kissed and made up, with Weng attaining 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 concept of a board of three and am glad concerning the potential arrival of latest board members, and significantly the nomination of Frédéric Jousset. I assist the possibility to boost new capital for Artnet.”
A spokesperson mentioned: “We’re excited to suggest a powerful expanded board that gives the strategic assist to place the corporate for future development.”
Weng Effective Artwork has 12 staff and a market cap of €25m, with a share worth of €4.30 (on 21 January). Artnet has round 131 staff; its market cap was €38m and share worth was €6.70, all on the time of writing.
