The website Artnet is about to undergo a major shakeup with the retirement of its founder, 88-year-old Hans Neuendorf, and the arrival of potential new board members. The company, which was founded by Neuendorf in 1989, is quoted on the Frankfurt stock exchange as Artnet AG.
An invitation will go to shareholders, inviting them to an annual general meeting (AGM) on 27 February. The invitation lays out a proposed new supervisory board including Frédéric Jousset, the founder 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 executive of Weng Fine Art AG. Two US financiers, Lawrence B. Benenson and Roy Israel, will also be proposed. This AGM replaces one that was postponed last year.
Weng, whose company Weng Fine Art is the largest shareholder in Artnet AG with 29% of the shares, has long been a thorn in the company’s side, seeking a seat on the board and complaining that the company has an out-of-date website and no mobile application. In a statement, Artnet said: “Artnet is working hard on finding solutions that benefit all shareholders, allowing the company to bring in new capital while remaining true to its mission as an independent information provider and marketplace for the global art world. The AGM will be held in February as per Artnet’s statement from November 2024. Artnet’s management will include a capital increase on the agenda as it has previously, and is hopeful that on this occasion it will receive the support from WFA and other shareholders so that Artnet can optimally work towards its goals in the competitive online art market.”
In January this year, Weng sent out a press release claiming that the Neuendorf family, “continue to pursue exclusively their own interests, which are directed against the interests of the vast majority of shareholders.”
It now seems that the two warring parties have kissed and made up, with Weng achieving much of what he has long asked for. He tells The Art Newspaper: “We assume the invitation will go public later this week. I support the idea of a board of three and am happy about the potential arrival of new board members, and particularly the nomination of Frédéric Jousset. I support the chance to raise new capital for Artnet.”
A spokesperson said: “We are excited to propose a strong expanded board that provides the strategic support to position the company for future growth.”
Weng Fine Art has 12 employees and a market cap of €25m, with a share price of €4.30 (on 21 January). Artnet has around 131 employees; its market cap was €38m and share price was €6.70, all at the time of writing.
