Jacob Pabst, CEO of Artnet AG, resigned late Sunday night just before the company's annual general meeting in Berlin. His contract had expired at the end of August, and he cited a failure to reach an agreement on continuing. Andrew E. Wolff, who holds about 98.93% of Artnet shares and also owns rival platform Artsy, will serve as interim CEO. The meeting proceeded without Artnet management present, leading to criticism from investor-protection group DSW. Shareholders were given an overview of 2024 finances and approved the creation of authorized capital for a possible increase of up to 50% of share capital. Former major shareholder Rüdiger K. Weng announced he will pursue civil and criminal claims against members of the founding Neuendorf family and board members.
This resignation marks the latest upheaval at Artnet, a publicly traded art market data and news company that has faced years of financial strain and governance disputes. The company's restructuring program and pivot toward AI, including an AI-powered chatbot, signal efforts to modernize, but the absence of management at the shareholder meeting and allegations of high fees paid to the founding family raise serious questions about corporate governance. With Wolff's near-total ownership and his control of rival Artsy, the episode underscores the consolidation of power in the digital art market space and the challenges facing legacy art media companies.