Remember the days of ebay Live Auctions? Online retailer platform eBay has teamed up with Sotheby’s in a plan to will make it easier for people worldwide to discover, browse and acquire exceptional works of art, antiques and collectibles.
The companies say they will start by offering a number of live auctions that are taking place at Sotheby’s headquarters in New York. To accomplish this, eBay in the near future will be launching a newly-designed experience on its site, 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 from anywhere around the world.
The Sotheby’s auctions will present 18 collecting categories. Going forward, the partnership will explore themed and time-based sales, as well as live auctions from Sotheby’s other global salesrooms. Evening Sales will not be included.
“We are joining with eBay to make our sales more accessible to the broadest possible audience around the world,” Bruno Vinciguerra, Sotheby’s Chief Operating Officer said in a statement.
The companies also indicated collectors are increasingly purchasing high-end items online and even on-the-go from their mobile devices. According to a press release, the companies will focus on growing the market at price points where they expect their collectors to converge in the future – particularly in the segments such as jewelry, watches, prints, wine, photographs and 20th Century design. The global art market is currently estimated around $65 billion, with annual online sales far below averages for other luxury goods. Projections show online art sales could reach $13 billion by 2020.