Collectors can take part in sales streamed online from April.
The online retail
giant eBay today launched a new section of its website dedicated to live
auctions at Sotheby’s. Modern and contemporary photographs by Man Ray, Paul
Strand and László Moholy-Nagy are among the works for sale in the first
auction, which will be streamed live on 1 April. The second sale of New York
Jackson (est
$300,000-$600,000), takes place on 2 April. Collectors can now browse the platform and place bids in advance of the
sales.
All auctions at
Sotheby's New York, apart from its big, biannual evening sales in May and
November, are due to be broadcast on eBay, allowing 155 million monthly users
to bid on works of art, antiques and fine wines, among other categories. There
are plans to extend the model to Sotheby's salerooms around the world.
While auction houses have offered online auctions for several years, the art trade has been slower than most industries to embrace the internet. However, that is changing rapidly. In 2014, Sotheby’s had nearly 25% more buyers online than the previous year, and the amount people are prepared to part with over the internet is also rising. Last year, ten lots sold for more than $500,000 to online bidders across categories.
While auction houses have offered online auctions for several years, the art trade has been slower than most industries to embrace the internet. However, that is changing rapidly. In 2014, Sotheby’s had nearly 25% more buyers online than the previous year, and the amount people are prepared to part with over the internet is also rising. Last year, ten lots sold for more than $500,000 to online bidders across categories.
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