eBay to build and host Sotheby’s online auctions
EBay Inc. will host Sotheby’s auctions at eBay.com and Sotheby’s will adopt eBay’s auction technology for online bidding at live auctions in New York and London, the companies announced today.
The companies will introduce Sothebys.com online auctions into the eBay marketplace this summer. The site will feature the same collecting categories of fine and decorative art, antiques, rare books, jewelry and collectibles currently offered on Sothebys.com. The new Sothebys.com site on eBay will be built and
hosted by eBay.
In addition, Sotheby`s will adopt eBay`s Live Auctions technology to enable real-time online bidding for what the companies describe as “a significant number” of Sotheby`s traditional auctions in New York and London. This technology will allow eBay users to participate in a Sotheby`s traditional auction by bidding online from home or office.
The companies will market Sothebys.com across both online and traditional media.
The new site will replace online auctions on Sothebys.com as well as eBay Premier, and will be accessible from both the eBay and Sotheby`s web sites.
"Sotheby`s and eBay have complementary strengths," said Meg Whitman, president and CEO of eBay Inc. "eBay has a vibrant global marketplace and a proven technology platform. Sotheby`s offers outstanding art expertise and a network of worldwide dealers and auction houses with a track record of selling the world`s finest art, antiques and collectibles. We believe that together we will achieve great success."
Sotheby’s has hosted online auctions for two years and has sold nearly $100 million of property. Online bidders aren’t shy about spending big bucks: The top selling lots include the first printing of the Declaration of Independence, which sold for $8.14 million; a rediscovered 19th century portrait by Frederic Lord Leighton, which brought $550,750; a Tiffany & Co. silver and carved ivory tankard from 1900 that sold for $220,750; and Louis Armstrong`s boyhood cornet, which brought $108,000.
EBay launched eBay Premier in January 2001 to feature high-end art, antiques, collectibles and other items.
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