Expanding Auction Opportunities: Sotheby’s, eBay Bring Art Bidding Online

ebay-onlineInternational art auction house Sotheby’s has teamed up with ecommerce giant eBay to offer online auctions that will allow viewers to bid on art and collectibles.

Online shopping

Both companies said they want to benefit from the growing use of online mobile devices, noting that online art sales are expected to increase to $13 billion by 2020.

Last year, the number of lots bought online rose 36%.

“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 said in a joint press release.

Real-time bidding

Sotheby’s Chief Operating Officer Bruno Vinciguerra said the company hopes that the new venture will reach “the broadest possible audience around the world.”

The venture will begin by streaming live auctions from Sotheby’s New York headquarters. It is expected to offer 18 categories, focusing on jewelry, watches, photographs, and 20th century design.