NEW YORK, NY.- ARTnews, the world's oldest and most widely circulated art magazine, has been sold by Milton Esterow, Judith Esterow and family to Skate Capital Corp., a private art and media industry investment vehicle of Sergey Skaterschikov.

Since 1972 when Milton Esterow bought ARTnews from Newsweek and became editor and publisher, ARTnews won most of the major journalism awards presented to magazines. Its editors and reporters have been honored forty-five times for excellence in reporting, criticism and design. Included were two George Polk Awards, a National Magazine Award and an Overseas Press Club of America Citation of Excellence.

Under Mr. Esterow's direction, ARTnews, which was established in 1902, became the first magazine to apply rigorous standards of investigative reporting to the art world. Mr. Esterow was formerly a reporter and assistant to the cultural news editor of The New York Times.

Mr. Esterow said, "It has been a privilege working at ARTnews—a marvelous, fascinating 41-year ride running one of the world's most honored magazines. I have had the chance to meet, and work with, the great and the good. I have met with gifted artists, scholars, curators, collectors, dealers and writers in many countries. I have also met forgers and frauds. As Noel Coward once said, 'work is more fun than fun.'

"Judy and I have decided that it's time for a new generation to take over ARTnews. We are delighted that Sergey Skaterschikov and Skate Capital will be leading ARTnews into the future and will be building both the print and digital arenas internationally.

"I am confident that ARTnews will continue to deliver, in the words of our National Magazine Award, the same 'first-class reporting, analysis and criticism' and 'affectionate objectivity' that have distinguished the magazine in the past."

Mr. Skaterschikov said, "Coming from the part of the world where freedom of speech and journalistic integrity are not taken for granted, I will always look up to and preserve the legacy of ARTnews' independent and professional editorial culture." Mr. Skaterschikov was born in the year that Mr. Esterow acquired ARTnews. His first job was as a reporter for the Russian business daily Kommersant right at the moment of the Soviet Union's collapse.

Greenhill & Co. served as financial advisor to ARTnews on the sale of the Company.

Terms of the transaction have not been disclosed.