Jeffrey Yin, the chief financial officer and general counsel for Artsy, has been appointed the online fine art marketplace’s chief executive following the departure of Mike Steib, who has led the company since 2019.
Steib, who will take on the role of chief executive at the media company Tegna, will remain in an advisory role with Artsy through July and a board member following his departure.
Yin has also been with the Artsy since 2019. Since joining the company, he has overseen Artsy’s strategy and operations, as well as investments into the company and investor relations. Yin also oversaw the expansion of Artsy’s e-commerce transaction capabilities, which now include 37 countries and three currencies, the dollar, the British pound, and the Euro.
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In an email interview with ARTnews, Yin said that he doesn’t foresee any abrupt shifts in Artsy’s business strategy. Rather, his focus will be enhancing current efforts and “supporting our gallery partners, building out our secondary market business, and expanding the reach of artists globally.”
“My approach will bring a renewed focus on a few specific areas,” Yin said. “I have been involved with the business for five years, ensuring a deep understanding of our strategy and operations.”
Yin cited his passion for collecting works by emerging LGBTQ+, AAPI, Californian, French, and Italian artists as being influential to the company’s future path under his leadership. “My personal connection to these communities and regions … drives my commitment to diversity and representation within the art world. This perspective will shape our strategies and initiatives moving forward.”
He moves in to his new role at a time of cautious optimism in the art market, which over the last two years have shown collectors to be more thoughtful about their spending.
“The art market has proven uneven for many over the last year,” Yin said. “However, collectors continue to buy on Artsy and offline, and I am cautiously optimistic about the resilience of the art market because the joy people feel when collecting and appreciating art hasn’t diminished.”
According to the 2024 Global Art Market Report by Art Basel and UBS, online collecting, which began in earnest following the Covid-19 pandemic and was thought by some to be in decline after restrictions eased, has grown significantly in the last years. Per that report, online sales accounted for $11.8 billion last year alone, a 7 percent rise from 2022’s figure.