“This acquisition adds a strong subscription business that expands PMC’s reach and influence in the art vertical,” stated Jay Penske, chairman-CEO of PMC.
A subscription to access premium Art Market Monitor content costs $90 a month.
Penske Media bought ARTnews and Art in America magazines last November, through its acquisition of Art Media Holdings, the largest independent art publishing group.
PMC sees the opportunity to augment these brands “with further investments in content and editorial, complemented by robust data and analytic tools, and growing an engaging live media and event business,” Penske stated.
He noted Art Market Monitor has strong readership “within the gallery, auction house, legal, banking and asset management communities.”
Founding editor Marion Maneker has run Art Market Monitor since 2008.
Maneker will now serve as editorial director of Art Media Holdings, the division in Penske Media that oversees ARTnews and Art in America.
Victoria Hopper, president-CEO of Art Media Holdings, is leaving to pursue other opportunities.
Penske Media also owns Variety, Rolling Stone, WWD and Deadline, among other publications.