Sotheby's reveals strategic alliance with eBay
- Added:
- Jan 31, 2002
The two companies will bring Sotheby's online auctions into eBay, with sales of fine and decorative art, antiquities and collectibles currently available on the Sothebys.com site being offered on a branded Sotheby's section of eBay.
Sotheby's will also use eBay's live auctions technology to allow real-time online bidding for some of its traditional auctions held at the London and New York auction houses, while cross-marketing of the sites will also take place.
“We are very excited about our new relationship with eBay,” said Sotheby's CEO Bull Ruprecht.
“It represents the next phase in Sotheby's online auction business and we believe it will positively position Sothebys.com for future growth.”
The new Sothebys.com site on eBay will replace online auctions at the current Sotheby's site, with links to the new auction service from both company's current sites.
Since launching two years ago, Sotheby's online service has sold nearly $100m worth of property, including the sae of a first printing of the Declaration of Independence that went for $8.14m.
However, in recent times it has seen its reputation and earnings hit, not least in the wake of the scandal involving former chief executive Diana Brooks being convicted of price fixing, coming as its half-year figures for 2001 showed a loss of 5.7m.