If you have your eye on a Sotheby’s lot and can’t make it to the auction, your problem could soon be a thing of the past. The New York-based luxury auction house has announced a partnership with eBay in which a new section, dedicated to “rare, unique and premium” product sales, will be available on the latter’s website later this year.
"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," the companies announced in a joint press release.
Initially limited to New York auctions and low- to mid-value lots, the service will facilitate a real-time buying experience for bidders across the globe, considerably broadening Sotheby’s audience.
If the companies manage to penetrate the high-value online auction market, they are likely to make a considerable profit. Online art sales alone are projected to increase to US $13 billion by 2020, while demand for luxury goods has never been higher.
Depending on its success, the service will be expanded to other Sotheby's locations across the globe, including Hong Kong and London.
