January 31, 2002
Sotheby's Allies with eBay
Auction site eBay Inc. is teaming with Sotheby's Holdings Inc. to create a new Sotheby's.com auction site for high-end jewelry, art, antiques and rare books.
Sotheby's, which has operated its own Web site for two years, reports it will reach a much larger audience under its partnership with eBay, which has 42 million registered users.
The new Sothebys.com site will use eBay's live auction feature enabling real-time online bidding for many of its auctions in New York City and London, allowing anyone online to bid in Sotheby's auctions.
Sothebys.com Chairman David Redden told reporters eBay's technology should also help more art dealers post items on its Web site. He added that Sothebys will remain committed to its primary business live auctions.
EBay's foray into higher-end goods began in 1999 when it purchased Sotheby's competitor Butterfield & Butterfield. However, the Sotheby's site remained strong and over the past two years sold about $100 million worth of merchandise
by Michael Thompson