08/02/2002

Sotheby's.com and eBay Inc. have joined forces to create the largest on-line art buying service. The new site (which is to be launched at an unspecified date some time in 2002) will replace the separate on-line auctions on Sothebys.com and eBay Premier. Yet, despite Sothebys.com selling a seemingly impressive on-line $100 million (€116.3 million) of property over the last two years, this fledgling division of the auction house has been hit hard by a lack of buyer interest and was the subject of a company review in October (see daily gabrius “Job cuts announced at Sotheby’s” 18/10/2001). The partnership with eBay is thus seen as a convenient strategy to part from an unprofitable section of the company. The joint venture will guarantee Sotheby’s the use of an advanced technological platform, while eBay will benefit from the knowledge of the consultants and the experience of the auction house. (Andrew Moore)