A 45-year-old Russian entrepreneur, Sergey Skaterschikov, is the new owner of ARTnews, taking it over from 85-year-old Milton Esterow and family.
Esterow said that while the 65,000-circulation monthly has made him money over the years, it was currently operating in the red.
Skaterschikov said he has a plan to reverse the recent trend.
“There is a very clear, well-prepared and sufficiently funded game plan in place to be executed with immediate effect; however, no details are being disclosed at the moment,” said Skaterschikov in an e-mail exchange with Media Ink.
Robin Cembalest will remain as editor, he said.
Esterow started his career as a 20- year-old journalist on the culture desk of the New York Times and left at the age of 44 hoping to start his own publication in the art world.
That changed when Newsweek decided to sell Art News — to him — in 1972.
“It’s been very rewarding in so many ways — it’s been a good ride,” said Esterow, who said he may write a book.