Sothebys (NYSE:BID) and eBay Inc (NASDAQ:EBAY) signed a partnership agreement to auction arts, antiques and collectibles online.
The companies agreed to work together in developing innovative online platform that would enable art collectors worldwide to browse easily and purchase exceptional artworks, antiques and collectibles.
eBay Inc (NASDAQ:EBAY) will contribute its technology platform, integrated payment solutions and expertise in attracting online collectors in the partnership. On the other hand, Sothebys (NYSE:BID) will bring its historic auction experience and world-class artwork collectibles.
The partners said a global audience of 145 million active buyers will enjoy a frictionless buying of artworks, antiques and collectibles through their online platform.
eBay and Sothebys to start with live auctions
eBay Inc (NASDAQ:EBAY) and Sothebys (NYSE:BID) plans to kick off the partnership with a number of live auctions that are happening at the headquarters of the international auction company in New York. The online retailer will launch a new experience on its website specifically designed for collectors and first-time buyers of rare, premium and unique arts and collectibles.
According to Sothebys (NYSE:BID), it will be the primary anchor tenant of the newly-designed marketplace, which will highlight a new live auction and real-time bidding capabilities.
Sothebys to present 18-collecting categories
Sothebys (NYSE:BID) emphasized that its auctions on eBay Inc (NASDAQ:EBAY) will present 18 collecting categories. The partnership will also explore themed and time-based sales as well as live auctions from Sothebys’ global salesrooms.
In a statement, Bruno Vinciguerra, chief operating officer at Sothebys (NYSE:BID) 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,” added Vinciguerra.
On the other hand, Devin Weing, president of Marketplaces at eBay Inc (NASDAQ:EBAY) said the online retailer’s partnership with Sothebys (NYSE:BID) is a significant step to expand its live auction market. He described the international auction company as one of the most respected names globally.
Weing added that combining the inventory of Sothebys (NYSE:BID) with the technology platform and global reach of eBay Inc (NASDAQ:EBAY) will enable people to access to the finest and most inspiring arts and collectibles anytime and anywhere from any device.