Artfest International Inc. brings together artists, designers, art galleries, investors and private collectors. The company sells art and sports memorabilia through its subsidiaries including ArtFest Direct, Art Channel Galleries and Charity Sports Distributor. Artfest International today announced its financial results for the year ended December 31, 2009.
The company reported it generated $2,470,878 in operating revenues in the twelve months ended December 31, 2009. This is sharply higher than the $141,626 it generated last year. In fact, it is a 1,645% gain. The increase in revenue is due to the increased sales of art and sports memorabilia through its three subsidiaries as well as through events held at the company’s 52,000 square foot facility in Dallas, Texas.
Artfest International reported total assets of $5,829,468 for the year ended December 31, 2009 as compared to $460,490 for the prior year. That is a 1,167% increase. Over half of Artfest’s assets stem from Charity Sports Distributor’s ability to produce and distribute authentic framed autographed sports and entertainment collectibles and art pieces. Charity Sports Distributor’s thirteen year experience in the professional and college sports marketplace has developed an extensive client list which consists of hundreds of private charities. In addition, it conducts home game auctions of merchandise at various college and professional teams’ games.
The addition of Charity Sports Distributor’s product line compliments and expands Artfest International’s ongoing product promotions and special purchase packages that are directed towards introducing a select number of acclaimed artists to its members. The company’s Art Channel Network creates additional legitimacy through education and promotion of awareness of arts and entertainment as well as promoting product sales.
According to Mac Report, a media company that provides a web-based forum for public and private issuers, the worldwide market for collectibles is worth $120 billion annually. This global market is predicted to grow at a healthy pace over the next two decades. Artfest International intends to fully participate in this growth. The company’s growth over the past year shows that it is well on its way down a successful path. Edward Vasker, the CEO of the company, said “We are excited about the progress that Artfest International has made in 2009. We look forward to continuing to increase shareholder value through sales and key acquisitions in 2010.”