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Sotheby’s partners with eBay
Will launch an innovative online platform for the global audience to access works of art and collectables
By: Diamond World News Service
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Jul 14 2014 6:29PM
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Reference: 9333  

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Sotheby’s has announced a partnership with eBay, to create an innovative online platform that will make it easier for people across the globe to discover, browse and acquire exceptional works of art, antiques and collectibles.

The venture will benefit from - eBay’s repute as a global leader in online shopping with integrated payment solutions and unrivalled skills to attract online collectors enable a global audience of 145 million active buyers to enjoy frictionless shopping; Sotheby’s lending its expertise in world-class artwork and collectibles, and historic auction experience.

Initially, a number of live auctions will be offered at Sotheby’s headquarters in New York. To accomplish this, eBay in the near future will launch a newly-designed experience on its site, tailored for collectors and first-time buyers. Sotheby’s will be the preeminent anchor tenant in the revamped marketplace, which will include a new live auction feature and real-time bidding from anywhere around the world.

The Sotheby’s auctions will present 18 collecting categories, which will be expanded further to include more themed and time-based sales, as well as live auctions from Sotheby’s other global salesrooms. Evening Sales will not be included.

“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.”

Devin Wenig, president of eBay Marketplaces, said, “A Sotheby’s-eBay partnership is a significant milestone in our efforts to expand the live auction market. That is an experience we believe our customers will love.”

The growth in technology and mobile commerce has lured more collectors to purchase high-end items online.

Both companies will focus on growing the market at price points where they expect their collectors to converge in the future – particularly in the segments such as jewelry, watches, prints, wine, photographs and 20th Century design. Projections show online art sales could reach $13 billion by 2020.

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