-100%

est. 2Y upside i

Series D+

Rank

#3804

Sector

Fine Art Marketplace

Est. Liquidity

~2Y

Data Quality

Data: Low

Artsy's equity is effectively worthless for a new employee given the $139M preference overhang and $25M revenue.

Last updated: July 19, 2026

Bull (10%)-100%

Bull case assumes exit multiple holds at 4x on flat $25M revenue, implying $100M exit value. However, preferred stock overhang of $139M fully wipes out common equity, resulting in -100% return.

Base (45%)-100%

Base case assumes exit multiple converges to 2x, giving $50M exit value. This is far below the $139M preference stack, making common stock worthless at -100% upside.

Bear (45%)-100%

Bear case sees multiple compress to 1x, yielding $25M exit value. With $139M in preferred claims, common equity recovers nothing, a complete loss.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

51%

Total preferred funding of $139M represents 50.5% of the stale $275M valuation, meaning any exit below $139M wipes out common stock entirely.

Dilution Risk

high

With low revenue and high burn, a down-round within 24 months is likely, further diluting common equity.

Secondary Liquidity

none

No secondary market activity detected; no liquidity events beyond potential M&A.

PDDE — 2 roles

Operations — 1 role

View all 7 open roles at Artsy →

Last updated: February 22, 2026

Questions to Ask at the Interview

Strategic questions based on Artsy's data — designed to show you've done your homework.

  • 1

    “How does the Artnet merger change Artsy's path to profitability and what is the timeline?”

  • 2

    “What is the current burn rate and how long before a new funding round is needed?”

  • 3

    “Given the preference stack, what is the likelihood of a down-round recapitalization that would further dilute common stock?”

Community

Valuation Sentiment

Our model estimates -100% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.