US Acquisition Consolidates Art Market Data Sources

In the US, art market intelligence service and publisher Art Market Monitor is to be acquired by Penske Media Corporation (PMC), publisher of Variety and Rolling Stone, among others.

Art Market Monitor publishes news and analysis about the sector, offers a subscription service and produces the 'Artelligence' podcast. Its new owner PMC acquired ARTnews and Art in America magazines last year.

Chairman and CEO Jay Penske says the publication has 'an intensive readership within the gallery, auction house, legal, banking and asset management communities'. He adds: 'In the art world, where a significantly fragmented audience spans so many websites, newsletters, and brands, PMC sees the opportunity to augment these exceptional brands with further investments in content and editorial, complemented by robust data and analytic tools, and growing an engaging live media and event business. This acquisition adds a strong subscription business that expands PMC's reach and influence in the art vertical'.

Marion Maneker, founding Editor of Art Market Monitor has run the firm since 2008 and will now serve as Editorial Director of Penske's Art Media Holdings division. He was previously the publisher of HarperCollins's business books imprint, from 2002 to 2007, and earlier served as an editor at Simon & Schuster.

Art Media Holdings President and CEO Victoria Hopper is meanwhile leaving the group 'to pursue other opportunities'.

Web sites: www.pmc.com and www.artnews.com .