Sotheby's join eBay to offer online sales of art, collectibles

NEW YORK, USA: - Online company eBay and the renowned auction house Sotheby's have jointly announced a partnership for online sales of art and collectibles.

15 Jul 2014

eBay Markeplaces President Devin Wenig says the tie-up with Sotheby's will allow themed and special online auctions to be held alongside the traditional sales of art and collectibles. Image: Internet Retailer

The two firms said they would conduction live auctions at Sotheby's headquarters in New York and create a special Web portal that allows for real-time bidding from anywhere around the world.

The companies will also explore themed and time-based auctions, as well as live auctions from Sotheby's other global sales offices.

"The growth of the art market, new generation technology and our shared strengths make this the right time for this exciting new online opportunity," said Bruno Vinciguerra, Sotheby's Chief Operating Officer.

"We are joining with eBay to make our sales more accessible to the broadest possible audience around the world," he said.

Devin Wenig, President of eBay Marketplaces, said the partnership "is a significant milestone in our efforts to expand the live auction market." "Sotheby's is one of the most respected names in the world," Wenig added.

"When you combine its inventory with eBay's technology platform and global reach, we can give people access to the world's finest, most inspiring items, anytime, anywhere and from any device. That is an offer we believe our customers will love," Wenig said.

California-based eBay has more than 145m customers in 190 countries and says 36m purchased collectibles worth about $8bn from the company last year.

Sotheby's says online bidders accounted for about 17% of the lots offered for sale in 2013.

According to surveys cited by the two firms, the global art market is currently estimated around $65bn and online art sales could reach $13bn by 2020.

Source: AFP via I-Net Bridge

Source: I-Net Bridge

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