Skate’s Art Market Research has been covering artnet AG for over six years now. We have been very enthusiastic about the firm’s database and its decision to launch online auctions and have followed closely its progress from quarter to quarter. In 2009, we started to become increasingly concerned about artnet’s performance, operating losses, depleting cash position and inability to achieve a breakthrough with its online trading volumes. Whether we reported positively or negatively about artnet AG or just wanted to discuss business ideas with the firm, we have always enjoyed good communications with its management and its founder, Mr. Hans Neuendorf. We continue to believe that artnet AG is one of the most interesting art industry businesses globally.
Today Skate’s is suspending analysis of artnet AG until further notice. We do so because although Skate’s has never had any, and continues to have no, financial interest in artnet AG, we have been retained by one of our clients to provide strategic advice to the client’s investment strategy that involves the client’s acquisition of artnet AG shares.
Skate’s will continue to report actual events related to artnet AG, such as changes in the company’s shareholder structure, as they become disclosed to German authorities and the outcome of artnet AG’s annual shareholders meeting on July 11.