DÜSSELDORF, Germany, December 10 /PRNewswire/ --     In the third quarter of 2008, artnet's revenues grew by 18.7% in 
US dollars (the currency in which approximately 80% of its revenue is 
billed). The transaction platform artnet Online Auctions accounted for 3.3% 
of this growth. The company believes significant additional growth can be 
achieved once users of the transaction platform begin to utilize other areas 
of the site for pricing research, advertising and viewing the art market 
globally in the Gallery Network. To achieve this goal artnet has recruted 
additional auction staff and invested heavily in development of this 
platform over the last five quarters since Q3/2007. The downturn in the 
industry has nevertheless trimmed the company's revenue growth in its 
existing core business to 15.4%. As we had forecasted, profits consequently 
have declined. However, we expect profits to return to their 2007 levels in 
2009. After this, depending on the success of the auction platform we expect 
double-digit revenue growth rates with rising profit margins.

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