Every Thursday afternoon, Art Movements provides a digest of essential news, appointments, awards, and other notable developments in the constantly evolving art industry.
This week, a positive announcement regarding the formal merger between Artnet and Artsy was quickly overshadowed by the troubling news of substantial layoffs. As of April 16, dozens of employees from both entities have been let go. Although a spokesperson confirmed the workforce reductions to Hyperallergic, they chose not to disclose exact figures. Artnews reported that senior reporters Sarah Cascone and Eileen Kinsella are among those affected within Artnet’s editorial team. The spokesperson explained to Hyperallergic that these layoffs are part of “organizational changes to build one go-forward team,” which includes the closure of Artnet’s German division.
Despite generating significant revenue annually from its main offerings, such as its price database and online auction sales, Artnet experienced a 12% drop in revenue during the first half of 2025. This decline was largely attributed to “lower-than-expected performance in the Media segment,” highlighting the challenges of monetizing journalism. Last year, British investment firm Beowolff Capital acquired a controlling share in Artsy, a smaller online art marketplace with a more modest editorial presence. Following an unsuccessful attempt to purchase the ailing Artnet, Beowolff eventually secured the company in a $65 million transaction, taking Artnet private after a quarter-century on the Frankfurt Stock Exchange.
According to a press release, Artsy and Artnet have now “joined forces,” with former Artsy executive Jeffrey Yin stepping in as CEO and Beowolff Capital’s founder Andrew Wolff assuming the role of chairman. However, the combined workforce will be significantly reduced after this wave of layoffs. Hyperallergic is actively seeking comments from those affected by the job cuts at both companies.
