Billed as the world's oldest art magazine, ARTnews has announced that it will be sold to Russian-owned Skate Capital Group, a private asset management company.

Sergey Skaterschikov, who owns Skate, will aquire the 112-year-old magazine from Milton Esterow and Judith Esterow, who have owned the publication since 1972.

Skate Caital Corp. is also an investor in online auction site Paddle8. Skaterschikov told the New York Times that there is "no immediate synergy" between Paddle8 and the magazine, and will run them separately.