Financial results released by artnet for nine months ending September 30, 2011, were "disappointing," according to Skate's Market Notes. The firm has taken losses on its 3-year-old online art auctions, which produced just 12.8% growth on a year-to-year basis, and more so on its magazine publication business.

Increased competition for artnet could come in the form of newer online art trading platforms that are attracting galleries and collectors, such as the VIP Art Fair.

Artnet says it will be launching a new analytics product and will be hosting stronger online auctions before the year's end.