Getty Images reaches agreement to sell Art.com

Getty Images Inc. has signed a letter of intent to sell its Art.com web retailer for an undisclosed amount. The transaction, which is in the due diligence stage, will be completed by the end of this month or in early June. The potential buyer is an operator of a chain of art and frame shops, says an inside source. Art.com is based in Chicago and the buyer is likely to keep operations there, the source says.

Art.com has been on the web since 1997. It sells framed and unframed art and art-related products and uses proprietary technology to allow visitors to visualize matting and framing for art purchases. Customers rate Art.com 8.6 out of 10, according to BizRate.com. Getty Images is a provider of imagery and related products and services to businesses and consumers.