Online art seller grows revenue

Art Business News, July, 2003

MIAMI and MADRID -- PicassoMio.com, an art company specializing in British and European contemporary art, recently announced its quarterly results with a sales growth of 114 percent, versus the same period of 2002.

In its third full year of operation, the company credited its growth to an ongoing increase in visitors, improved visibility and a large selection of contemporary art. PicassoMio has now reported triple-digit revenue growth for nine consecutive quarters.

"PicassoMio.com continues to deliver solid results," said Nick Marchalleck, c.o.o.. "While the first quarter growth rate was affected due to continuing economic slowdown worldwide and a reluctance of consumers to buy art and other luxury products during the war, we expect to be back on track and to achieve a growth of more than 200 percent for the fiscal year."

In 2001, PicassoMio was nominated as a finalist in the 'Milestones' Business Awards of the state of Nordrhein-Westfalen in Germany. The 'Milestones' Awards, considered the "Oscar" for European businesses, is a Pan-European award for companies across 13 European countries. The 'Milestones' Awards are coordinated by the Boston Consulting Group.

"During the first quarter, PicassoMio.com began receiving more than 300,000 monthly visitors. Such a large audience to a contemporary art destination remains unprecedented, even amongst file leading museums, auction houses and art fairs," added Marchalleck.

With a presence in Europe and the U.S., PicassoMio sells premium contemporary art at retail. Its Web sites in English and Spanish currently sell artworks from nearly 1,000 European and non-European artists. PicassoMio.com caters to worldwide art collectors, art and interiors professionals and professionals, with a current art catalog of approximately 15,000 different artworks valued at $75 million.