Financial News

  • 15 July 2014, 18:29

eBay To Stream Art Auctions In Sotheby's Deal

High-rolling art collectors will soon be able to bid for iconic works on eBay.

The site, renowned for selling everything from second-hand clothes to cheap electronics, has teamed up with auction house Sotheby's.

An online streaming platform is being built to allow users to view and acquire art, antiques and collectibles.

It comes as more collectors turn to the web and mobile devices to compete for highly prized items and possibly even works by artists such as Monet or Picasso.

In 2013, online bidders competed for 17% of the total lots offered by the auction house.

The total number of lots purchased online jumped 36% compared to the previous year.

The global art market is worth an estimated 38bn.

Sotheby's believes online art sales could reach 7.6bn by 2020.

Chief operating officer Bruno Vinciguerra said: "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."

From autumn, most of Sotheby's New York auctions will be broadcast live on a new section of eBay's website.

Eventually, online-only sales will be added, alone with streamed auctions from branches around the world.

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