February 7, 2003, 12:00 AM

Going, going, gone--from Sotheby`s to eBay

Sotheby’s had hosted an eBay online application at Sothebys.com, but as of May 1 will direct its dealers to use eBay.com Inc. for online auctions. Sotheby’s will continue to accept bids for live auctions at Sothebys.com.

 

Sotheby’s--known for auctions--will stick to live auctions, the company announced this week. Sotheby’s had hosted an eBay online application at Sothebys.com, but as of May 1 will direct its dealers to use eBay.com Inc. for online auctions. Sotheby’s will continue to accept bids for live auctions at Sothebys.com. Such bids will be delivered to a Sotheby’s staffer monitoring computer bids at the auction location.

EBay, meanwhile, says it looks forward to absorbing Sotheby`s online auctions. EBay started in 1995 as a site for auctioning collectibles. Art, antiques and collectibles now account for $1 billion-plus in auctions annually. While the art-antiques-collectibles category is growing 18%, a year that`s relatively modest compared to other eBay categories such as cars and consumer electronics that have grown 35% or more. Now with dealers coming to eBay from Sothebys.com, eBay expects faster growth in the art-antiques-collectibles market.

Sotheby`s Holdings President and CEO Bill Buprecht said online auctions on Sothebys.com failed to generate a profit, but declined to provide more details or the value of online auctions Sotheby`s conducted. He said Sotheby`s will take a one-time restructuring charge in the range of $2-$3 million for discontinuing its online auctions.

Sotheby`s says the eBay Live Auctions technology has worked well in supporting its traditional auctions.

 

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Yevgeny Senkevich / E-Commerce

Why you should treat every SKU as its own line of business

Some items perform well in one marketing channel and not in another. Some bring in ...

FPO

Pat Dermody / E-Commerce

Five tips for unlocking the power of a digital retail circular

Digital circulars are a powerful tool to connect with consumers in real time. Here are ...

Advertisement