Christie's Scraps Online Auction Plans
After announcing earlier this year that it was investing nearly $25 million to expand its online presence, Christie's International, the New York City-based auctioneer, has scrapped its plans for a Web site to sell art, antiques and collectibles. The decision came after a recent meeting of top management who considered the cost, legal liabilities and the difficulty of generating profits on high-volume, lower-value items.
Christie's, said to be the world's largest auctioneer, is walking away from an online playing field that includes eBay.com, Yahoo! Auctions, Amazon.com (cobranded with Sotheby's), eHammer.com and icollector.com.
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