eBay and Sotheby's have teamed up to create an online bidding platform. The partnership will encourage collectors to move their bidding to the digital (especially mobile) realm, combining eBay's convenient platform and Sotheby's unparalleled collections.
In 2013, Sotheby's found online bidders competed for 17 percent of their total lots. The total global art market is $65 billion, and online art sales are eating further and further into this market. By 2020, art sales online are expected to reach $13 billion.
Bruno Vinciguerra, Sotheby's chief operating officer, said in a statement, "The growth of the art market, new generation technology and our shared strengths make this the right time for this exciting new online opportunity. We are joining with eBay to make our sales more accessible to the broadest possible audience around the world."
Sotheby's live auctions will stream through the site, allowing eBay's 145 million users instant bidding access. The celebrated auction house will become the main seller at the new platform.
This article is from the archive of our partner The Wire.
We want to hear what you think about this article. Submit a letter to the editor or write to firstname.lastname@example.org.