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eBay & Sotheby’s Partner to Bring World Class Art and Collectibles to a Global Community
|By Business Wire
|July 14, 2014 08:13 AM EDT
Today, eBay (NASDAQ:EBAY) and Sotheby’s (NYSE:BID) announced a
partnership that will unite the global leader in online shopping with
the iconic international art business and auctioneer. Together, they are
developing an innovative online platform that will make it easier for
millions of people worldwide to discover, browse and acquire exceptional
works of art, antiques and collectibles.
Both companies contribute strong capabilities to the partnership.
Sotheby’s brings renowned expertise, world-class artwork and
collectibles, and historic auction experience while eBay’s technology
platform, integrated payment solutions and unrivalled skill in
attracting online collectors enable a global audience of 145 million
active buyers to enjoy frictionless shopping.
eBay and Sotheby’s 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.
“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.
“We are joining with eBay to make our sales more accessible to the
broadest possible audience around the world.”
Devin Wenig, president of eBay Marketplaces, said, “A Sotheby’s-eBay
partnership is a significant milestone in our efforts to expand the live
auction market. Sotheby’s is one of the most respected names in the
world. When you combine its inventory with eBay’s technology platform
and global reach, we can give people access to the world’s finest, most
inspiring items – anytime, anywhere and from any device. That is an
experience we believe our customers will love.”
As technology evolves and mobile commerce becomes ubiquitous, collectors
are increasingly purchasing high-end items online and even on-the-go
from their mobile devices. Both 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*.
“We believe there is a great opportunity, through this partnership, to
truly make art more accessible to exponentially more collectors. That’s
what makes this so exciting,” added Vinciguerra.
*TEFAF 2014 Report
Sotheby’s by the Numbers
Online bidders competed for 17% of the total lots offered in 2013
John James Audubon’s elephant-folio The Birds of America sold
in April 2014 for $3.5 million - marking a new record for an online
purchase in a live auction at Sotheby’s
The number of lots purchased online in 2013 increased 36% vs. 2012
More than half of all lots sold were in the $5,000-$100,000 range
The average value for sold Watches was $41,753
The average value for sold Prints was $27,575
The average value for sold Books & Manuscripts was $18,484
32% of all BIDnow bidders had never transacted at Sotheby’s prior to
The number of visitors to sothebys.com
on mobile devices (tablet + smartphone) doubled in 2013 vs. 2012
Mobile traffic now in 2014 accounts for 25% of total Sotheby’s website
eBay by the Numbers:
Collectibles accounted for nearly $8 billion of GMV in 2013 with 36
million active buyers
Each day on eBay, more than 3,500 auctions close with a price of
eBay has 145 million global active buyers in 190 countries
40% of eBay Volume is touched by mobile
eBay enabled $20 billion in mobile commerce in 2013, up from $0 in 2008
About eBay Marketplaces
eBay (NASDAQ:EBAY) is one of the world’s largest online marketplaces,
connecting people with the things they need and love virtually anytime,
anywhere. eBay has 145 million active buyers globally and more than 650
million live individual and merchant listings at any given time. With
mobile apps available in 190 countries, eBay delivers a personalized
shopping experience and seamless access to inventory from down the
street and around the world. Tailored shopping experiences customize
buying and selling; and eBay provides variety and choice for sellers by
enabling them to offer goods through online, mobile and local channels
to consumers around the world. For more information, visit www.ebay.com.
Sotheby’s has been uniting collectors with world-class works of art
since 1744. Sotheby’s became the first international auction house when
it expanded from London to New York (1955), the first to conduct sales
in Hong Kong (1973) and France (2001), and the first international fine
art auction house in China (2012). Today, Sotheby’s presents auctions in
eight different salesrooms, including New York, London, Hong Kong and
Paris. Sotheby’s offers collectors the resources of Sotheby’s Financial
Services, the world’s only full-service art financing company, as well
as private sale opportunities in more than 70 categories, including S|2,
the gallery arm of Sotheby’s Contemporary Art department, as well as
Sotheby’s Diamonds and Sotheby’s Wine. Sotheby’s has a global network of
90 offices in 40 countries and is the oldest company listed on the New
York Stock Exchange (BID).
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140714005282/en/
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