eBay signs up to auction deal with Sothebys
11 August 2014 - 10:07 by Mike Price
Sotheby's is one of the biggest names in high end auctioning, having been established back in the 18th century and it continues to dominate the field of real world sales. So perhaps it is no surprise to hear that online auction giant, eBay, has just struck a deal with this venerable firm, according to the Guardian.
Online auctioneering has become popular over the last decade and a half, with eBay running digital listings while its real world counterparts embrace bids placed online as well as in person and over the phone. But the new deal struck with Sotheby's will presumably help to drive more people to check out major auction events from their PCs, smartphones and tablets, using eBay accounts to bid on collectibles with a real pedigree.
Apart from getting better exposure for its lots, Sotheby's other reason to commit to a hook-up with eBay is that its existing online auction service has received strong criticism from many observers, while also being seen as unfit for purpose by sources within the firm, according to reports.
eBay's established auction platform allows millions of people to shop online every day, so this is clearly something that Sotheby's will find valuable once the integration is completed.
While Sotheby's tends to deal in top tier works from the world of art, many of which sell for several million pounds apiece, not everything on offer is a master work and so broadening the audience will mean that more customers get a chance to place a bid through an established provider of safe shopping online.
It will be interesting to see how this relationship progresses, especially as eBay will no doubt get a helpful boost to both its revenue and reputation as a result of joining forces with Sotheby's.