Milestone in the art market: CMS advises Weng Fine Art on sale of artnet

Cologne – Weng Fine Art AG, which is listed on the Regulated Unofficial Market, has sold its stake of almost 30 per cent in the listed company artnet AG to an investment company of Beowolff Capital Management Ltd. Beowolff Capital has also announced that it will make a public takeover bid to the shareholders of artnet AG to acquire all outstanding shares. With the sale of its stake, Weng Fine Art AG has initiated the largest M&A transaction in the history of the German-speaking art market. Weng Fine Art AG had previously conducted parallel negotiations with several competing interested parties, including the US company Art Technology Holdings, Inc.

A CMS team led by Dr Richard Mayer-Uellner provided comprehensive legal advice to Weng Fine Art AG on the sale. Previously, CMS had already advised Weng Fine Art AG on its voluntary public acquisition offer to the shareholders of artnet AG as well as on a court request to convene the annual general meeting of artnet AG. CMS has been advising the Weng Fine Art Group for over twelve years on all aspects of corporate and capital markets law.

Weng Fine Art AG is the only art trading company in Europe listed on the stock exchange. Its B2B business supplies major international auction houses as well as renowned dealers and galleries, and its Swiss subsidiary ArtXX AG operates an e-commerce business for limited-edition artworks by leading contemporary artists under the "Weng Contemporary" brand. Finally, Weng Art Invest is involved in the development of the digital art market based on blockchain technology in order to facilitate access to the art market for collectors and investors and to create transparency for art as an asset class.

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