EBay Inc. and Sotheby's Holdings Inc. are teaming to jointly auction high-end fine art, antiques and collectibles on the Internet.
In an announcement yesterday, eBay said early this summer it will introduce Sothebys.com online auctions on eBay.com, a site with 42 million registered users.
The new Sothebys.com subsite on eBay will be built and hosted by eBay. This new site will replace online auctions at the existing Sothebys.com and the high-end eBay Premier, though both will be accessible from their respective Web addresses.
Since its launch two years ago, Sothebys.com is said to have sold about $100 million of property.
Also, Sotheby's will adopt eBay's Live Auctions technology for real-time online bidding for a number of Sotheby's traditional auctions in New York and London. EBay users will soon be able to participate in these traditional auctions by submitting bids online.
Sotheby's and eBay's Butterfields Auctioneers subsidiary will supply the property for the auctions.
As part of the deal, both eBay and Sotheby's will market Sothebys.com both online and offline media.