Sotheby's and eBay Expand Online Auction Opportunities

International auctioneer Sotheby's (NYSE: BID  ) and eBay (NASDAQ: EBAY  ) are teaming up to make bidding wars bigger and better than ever before.

In a press release issued today, the two corporations announced their intentions to bring Sotheby's high-class auctions to the masses by expanding its live auctions to online bidders.

"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, in today's press release. "We are joining with eBay to make our sales more accessible to the broadest possible audience around the world."

While Sotheby's brings its exclusivity and high-class clientele, eBay complements the company with its advanced online network of 145 million international active buyers. Sotheby's estimates the global art market value at around $65 billion, with current online sales "far below averages for other luxury goods."

With a 36% annual jump in items sold online for Sotheby's from 2012 to 2013 and a projected $13 billion in online sales by 2020, it's easy to why Sotheby's is so eager to expand into eBay's embrace. And while eBay is no luxury art market, a sizable 36 million of its buyers coughed up for "collectibles" in 2013 for nearly $8 billion in total sales. Sotheby's said in 2013 its average value for sold watches was $41,753 while the average value for books and manuscripts was $18,484.

eBay said it will soon launch a "newly-designed experience" on its site that is "tailored for collectors of rare, unique and premium art and collectibles as well as 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 ..." The companies say they will focus on segments such as jewelry, watches, prints, wine, photographs, and 20th Century design.

Leaked: Apple's next smart device (warning, it may shock you)
Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. And there's one small company making Apple's gadget possible. And its stock price has nearly unlimited room to run for early in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 3028155, ~/Articles/ArticleHandler.aspx, 11/26/2014 4:40:31 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement