After reviewing artnet's 2009 annual report, Skate's remains skeptical of the company's online auction strategy as a revenue source. Revenues, which are largely based on its price database, advertising and a gallery network, were down 5.6% compared to 2008 due to the auction segment. 

Skate's believes competition is fierce and crowded in the online auction category which includes private equity-backed aggregators; low-end focused sites like eBay; and traditional auction houses' own Websites.

The company is optimistic that profitability will be achieved by 2011. Hans Neuendorf, the firm's founder and CEO, has set a target for artnet to double its online auction revenue in 2010.