Artprice Warns That Its New Anti-Fraud System Will Raise Its Sales Figures by a Substantial Percentage

Mann mit Smartphone und Tablet (Symbolbild). © metamorworks / iStock / Getty Images Plus / Getty Images

PR Newswire

PARIS, October 17, 2016

PARIS, October 17, 2016 /PRNewswire/ --

Artprice hereby gives notice to financial markets that since October 13, 2016 it has implemented an extremely sophisticated anti-fraud system that detects IP addresses and the number of sessions open simultaneously using state-of-the-art algorithms. This system can expose any fraud whereby a single Artprice account is being exploited by multiple users via different group networks or commercial entities, without paying the proper unitary cost of the services.

(Logo: http://photos.prnewswire.com/prnh/20161002/414164 )

(Logo: http://photos.prnewswire.com/prnh/20160228/338238LOGO )

Henceforward, this system, which took nine months to develop and uses copyright-protected algorithms, will allow Artprice to perform automatic electronic shutdowns of any fraudulently abused accounts, however notorious the registered owner of the account may be and wherever they may be in the world.

Fraudulent clients may not be subject to legal action if they agree to immediately settle online an amount corresponding to the real numbers of users (via multi-user subscriptions).

Considering the figures detected to date and the astonishing magnitude of this worldwide fraud, Artprice is obliged to warn markets that its sales turnover is likely to post a major increase as a result of its new fraud detection capacity.

ARIVA.DE Börsen-Geflüster

Kurse

artprice.com

4,24 €

+0,95%

Our algorithms have revealed that a number of extremely well-known Art world entities have been frauding Artprice's services via their firewalls, their intranets and their company-owned mobile terminals. This fraud represents a very substantial economic prejudice for Artprice and could potentially be resolved by the creation of tens of thousands of new accounts.

In over 90% of the fraudulent situation so far detected by Artprice, such entities immediately agreed to avoid legal action and the immediate suspension of their account by paying the amount corresponding to the real numbers of users in order to recover lawful access to Artprice's databanks.

In accordance with France's Monetary and Financial Code, Artprice will post more precise sales figures as soon as it is able to do so.

According to its Founder and CEO, thierry Ehrmann, the Art Market's participants and market-makers fully appreciate the irreversible message that Artprice has decided to communicate and are now aware that the digital economy provides similar legal mechanisms for creditors to recover outstanding amounts from fraudulent debtors as those used in the 'traditional' economy.

About Artprice:

Artprice is listed on the Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.

Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 630,000 artists. Artprice Images(R) gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice's art historians.

Artprice permanently enriches its databanks with information from 4,500 auctioneers and it publishes a constant flow of art market trends for the world's principal news agencies and approximately 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world's leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label).

Artprice's Global Art Market Annual Report for 2015:

http://imgpublic.artprice.com/pdf/rama2016_en.pdf

The text presented hereafter is a translation of Arte Creative's online presentation:

ARTE: A gigantic Christmas tree in the guise of a butt plug, a machine that defecates five-star meals, an icon immersed in urine and staged corpses - subversive, trash, provocative or insulting? Thierry Ehrmann, the man behind The Abode of Chaos dixit "The New York Times", an artist and the founder of Artprice, is the mouthpiece for scandal and discloses the workings of the most striking controversies in contemporary art. And scandal sells. 9 episodes are online:

http://www.arte.tv/guide/en/weekly-highlight

Discover the Alchemy and the universe of Artprice http://web.artprice.com/video, which headquarters are the famous Museum of Contemporary Art, the Abode of Chaos http://goo.gl/zJssd https://vimeo.com/124643720

News Artmarket:

http://twitter.com/artpricedotcom

https://www.facebook.com/artpricedotcom

https://plus.google.com/+Artpricedotcom/posts

http://artmarketinsight.wordpress.com/

The Contemporary Arts Museum The Abode of Chaos on Facebook:

https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999

Contact : Josette Mey : e-mail : ir@artprice.com

SOURCE Artprice.com

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