Artnet has revealed a €3m loss for the 2014 financial year, despite the company’s prediction last October of a €600,000 gain. The 25-year-old firm has four main components: its gallery network, a price database, advertising revenue and online auction sales. Profits increased in three of the sectors but the gallery network, which relies on subscriptions, fell to 1,400 members—600 fewer than the previous low, in 2012. Overall revenue grew 7.2% to €13.9m, but this was less than expected. Expensive litigation contributed to the shortfall: the company lost a copyright infringement suit brought by the photographer Stéphane Briolant in March (it plans to appeal). As we went to press, Artnet was trading at €1.80 a share on the Frankfurt Stock Exchange, down from €3.29 in July 2014.