ARTnews Sold to Private Company
ARTnews Sold to Private Company...
Talked-about sales in the art world usually involve a painting or sculpture. On Tuesday, the big item in the shopping basket was ARTnews, which describes itself as the world’s oldest and most widely circulated art magazine. Milton Esterow and Judith Esterow, the owners of the magazine since 1972, said in a statement that they sold the 112-year-old publication to Skate Capital, a private asset management firm owned by a Russian, Sergey Skaterschikov.
Mr. Skaterschikov, who described the sale price as confidential, said he sees a lot of potential for growth at the magazine. “There is a lot that can be done with the brand to build a more sustainable and robust business model, but as far as editorial is concerned it’s hands off completely,” he said. “I’m not going to meddle.”
Skate Capital Corp. is also an investor in paddle8, an online auction house, but Mr. Skaterschikov said there “is no immediate synergy between the two companies,” and that they will “develop totally independently from each other.”