Russian art market analyst and investor Sergey Skaterschikov has purchased ARTnews magazine for an undisclosed sum via his company, Skate Capital Corp., ARTnews has announced.

Editor and publisher Milton Esterow, with his daughter Judith Esterow and family, has owned the 112-year-old New York-based magazine, since 1972, when the Esterows purchased it from Newsweek.

"It has been a privilege working at ARTnews—a marvelous, fascinating 41-year ride running one of the world's most honored magazines," Esterow said in a press announcement.

Skaterschikov, 42, is the principal shareholder and an executive board member of IndexAtlas Group, LLC, an investment banking and private equity firm. He is the founder of Skate's Art Market Research.

"Coming from the part of the world where freedom of speech and journalistic integrity are not taken for granted," Skaterschikov said in the announcement, "I will always look up to and preserve the legacy of ARTnews' independent and professional editorial culture."

The magazine's website indicates a subscriber base of 180,000 in 123 nations. Its executive editor is Robin Cembalest. ARTnews calls itself "the world's oldest and most widely circulated art magazine."