Artnet is set to go private after investment group Beowolff Capital announced a voluntary takeover offer valuing the company at approximately €65 million (around $73.7 million), adding the 35-year-old company to a growing digital portfolio that already includes the online art sales platform Artsy.
Beowolff Capital, a U.K.-registered firm run by chief executive Andrew Wolff, has already secured 65 percent of Artnet’s shares, and plans to delist the company from the Frankfurt Stock Exchange following a buyout offer to its remaining shareholders. Artnet’s management and supervisory board supports the offer, signing an Investment and Delisting Agreement today, May 27. The offer will proceed following regulatory review and shareholder acceptance, a process that is likely to unfold over several months.
The transaction marks a major milestone in the history of Artnet, which has been a central force in the global art market since it was founded by Hans Neuendorf in 1989. Known for its peerless data products, independent media coverage, and online marketplace, the company has played a vital role in increasing access and transparency in the art world. Under private ownership, it will be able to accelerate the development of its digital platforms.
Artnet’s chief executive officer, Jacob Pabst, said in a statement that the deal comes at a “pivotal time for Artnet’s innovation and product development,” adding that the move is possible thanks to the “dedication and hard work” of the team that built Artnet into what it is today. “We are convinced that the proposed transaction will provide our clients with new opportunities to strengthen their business and engagement in the art world,” he said.
Beowolff Capital, whose 65 percent of Artnet’s share capital includes commitments from major shareholders, is offering the remaining shareholders a buyout at €11.25 per share, representing a 97 percent premium over Artnet’s trading price on March 3, the last full trading day before any public news or speculation about a potential takeover of the company became known.
The deal includes the purchase of a 29.99 percent stake from Weng Fine Art AG, ending a years-long struggle for control waged by outgoing shareholder Weng Fine Art AG and its chairman, Rüdiger Weng. WFA announced that it and Weng had sold their stake this week for a combined sum of nearly €20 million, with Weng describing the outcome as “satisfying.” The transaction is slated to close on May 30, 2025.
“The digital art market is ripe for accelerated innovation,” Andrew Wolff said in a statement. “Through our growing portfolio of investments in market-leading companies, we are building a connected ecosystem based on shared A.I. tools. Our platform will consist of next-generation products, better serving all stakeholders and making art more accessible to everyone.”
Beowolff Capital’s recent acquisition of Artsy signals its commitment to building an interconnected ecosystem in the art world—one that is in line with Artnet’s vision of being the leading online resource for the international art world, providing a trusted and transparent global marketplace to buy, sell and research fine art.
A spokesperson for the firm has stated that in the near to medium term, Artnet will continue to operate as usual, with the same team, the same offering and the same commitment to quality. “Artnet News is one of the most trusted sources for reporting on the art market and larger cultural zeitgeist and we are committed to continuing to support this valuable resource,” they said.
Jan Petzel, chief investment officer of Beowolff Capital, said in a statement that Artnet presents an excellent opportunity that “perfectly fits our goal of building a connected art market.” He added that the strength of the Artnet brand and its global reach are considerable. “We intend to further develop and enhance the company’s position.”
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