DGAP-News: Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet

DGAP-News: Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet

DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet

25.11.2013 / 09:30

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PRESS RELEASE | 25 NOVEMBER 2013

Weng Fine Art AG buys 5.33% stake in Online Pioneer Artnet

As part of its e-commerce strategy, Weng Fine Art AG (WFA) has built up a
5.33% stake in New York and Berlin based Artnet AG. The majority of the
shares were acquired on November 14 from the remaining stock of former
Artnet shareholder Artis in California, which WFA could buy at a price of
EUR1.65 per share. WFA acquired additional shares on the Frankfurt stock
exchange and currently holds 300.000 Artnet shares. Through this
acquisition, WFA becomes the largest art market related shareholder in
Artnet aside from its founder Hans Neuendorf.

Artnet is currently representing the best value of all art online
companies. 'Despite its poor capital base and its past problems, Artnet
still holds the largest revenue and the most far-reaching brand in the
online art market,' said WFA CEO, Rüdiger K. Weng, of the strategic
importance of this transaction: 'Our investment in Artnet represents the
perfect start of our strategic portfolio in the art e-commerce industry.
These participations and partnerships will provide support to our own
e-commerce activities, which will become an important part of the WFA
business in the coming years.'

Provided favorable opportunities arise again, WFA will increase its
shareholding in Artnet. A control or takeover of Artnet is currently not
part of the plan of Weng Fine Art - but rather to strengthen the
collaboration with Artnet in certain segments of its business.

ABOUT WENG FINE ART AG

Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and
financially strongest art dealerships on the European continent. The
company focuses on works of internationally renowned artists from the 20th
century and, in its core business, exclusively supplies commercial
addresses (B2B) - among them the leading auction houses, dealerships and
galleries. The expertise and market positioning gained over nearly 20 years
serves as a basis for new business segments such as auctions, e-commerce
and art consulting. Weng Fine Art AG shares are traded on the Frankfurt
Stock Exchange since 2 January 2012.

CONTACT

Weng Fine Art AG
Kimplerstr. 294 | D-47807 Krefeld | Germany
Phone +49(0)2151 93713-0 | Fax +49(0)2151 93713-29
E-Mail weng@wengfineart.com | Internet www.wengfineart.com


End of Corporate News

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25.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English                                    
Company:     Weng Fine Art AG                           
             Kimplerstraße 294                          
             47807 Krefeld                              
             Germany                                    
Phone:       02151 937130                               
Fax:         02151 93713-29                             
E-mail:      art@wengfineart.com                        
Internet:    www.wengfineart.com                        
ISIN:        DE0005181606                               
WKN:         518160                                     
Listed:      Frankfurt in Open Market (Entry Standard)  
 
 
End of News    DGAP News-Service  
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241399 25.11.2013                                                      
 
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