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New York (pte024/02.05.2005/11:32) - The European subsidiary company of New York corporation artnet http://www.artnet.com , artnet AG has recorded a 12 per cent rise - US$6.3 million - in the last year. The turnover of the price database rose 8 per cent to US$2.59 million, and the Online Gallery Networks rose by 5 per cent. Despite this however, the company is struggling with solvency problems.
Visitors to the Gallery Network website rose from 1.1 million to 2.2 million per month, which led to an increase of advertising sales points - an increase of 82 per cent (US$797,000). Outflow for artnet AG's sales and marketing, however, rose 40 per cent to US$1.3 million.
It has been noted that the growth of the company has been largely due to word-of-mouth within the art world. Since late last year artnet AG has been offering a new mailing system, 'Market Alert', whereby subscribers are notified via email when a piece by their chosen artists becomes available. The German daughter company now has its own website: http://www.artnet.de
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