The unceremonious, sudden demise yesterday of the 16-year-old online Artnet Magazine marked another sad day in art journalism’s survival struggle.
The news leaked out yesterday (here and here), before the following official announcement of the loss of this important resource for art reporting and criticism appeared on the magazine’s (above-linked) homepage:
Artnet Magazine, the first and best-known art magazine to
be published solely on the internet, is ceasing publication, effective
immediately. This difficult decision is an economic one, and reflects
the fact that during its 16 years of digital life, the magazine was
never able to pay its own way. At present, plans call for Artnet Magazine to remain available in an archive on Artnet.com.Additionally,
the French- and German-language publications are also being closed.
Artnet wished to thank the many contributors to the magazine in all its
versions, and wishes them the best for the future. Walter Robinson, the
editor of Artnet Magazine in the U.S., is seeking
opportunities elsewhere, as are his editorial staff, news editor Rachel
Corbett and assistant editor Emily Nathan.
Artnet also provides (and charges for) market databases and analysis, as
well as online auctions and information about the offerings of
galleries and auction houses. (At least some of this will, presumably, continue.) The magazine was freely accessible and widely read.
At a time when he was securely ensconced as a writer/editor at Art in America magazine (succeeding me as author of its “Artworld” news page), Walter (also a painter) was prescient in recognizing the potential of online art journalism. He recruited me from at the beginning (1996) for an online column, “Visual Reality” (archived here), which can be said to be CultureGrrl‘s precursor. But my heart back then was in mainstream-media work. I drifted away to other projects.
As you can see by scrolling down the right column of Artnet Magazine’s above-linked homepage, this progenitor of online-only art publications featured a distinguished roster of contributors, with sometimes acerbic, provocative commentary that was always on the scene and on top of the news.
So why did it go under?
Artnet’s Company Profile (still online at this writing) boasted “a solid capital structure [that] provides Artnet with a financial flexibility,
independent of external influences. Artnet can continue to maintain
innovative business activities and invest in product development without
any external capital. This limits financial risks and supports
strategic development.”
But shareholders and market researchers felt otherwise. (The Berlin-based Artnet AG is publicly traded on the Frankfurt stock exchange.)
Here’s one analyst’s take:
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….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 [see below] 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.
Skates reported yesterday that its founder, Sergey Skaterschikov, “is also on the board of Redline Capital Management SA, a Luxembourg-based asset management firm that recently became one of the largest minority shareholders in Artnet AG.”
Facing shareholder unrest and a possible takeover (reported today in depth by Bloomberg‘s Katya Kazakina) Artnet’s founder and chief executive officer,
Hans Neuendorf, 74, is stepping down (effective July 1) in favor of his son, Jacob Pabst. (Artnet’s official annoucement makes no mention of this filial relationship.)
The closing of the magazine was part of a “comprehensive cost-cutting package,” according to today’s announcement by Artnet AG (in German).
How do you make online art journalism cost-effective? Inquiring art bloggers need to know!