eBay Inc (NASDAQ:EBAY) today rolled out a new section of its website built specially for Sotheby’s to further explore high-end auctioning. As a result, eBay will broadcast live Sotheby’s New York-based auctions. This part of eBay’s website will apparently be cleaner as well as providing more information for users. As a result, this will translate to a much improved browsing experience on the website. Additionally those who use this aspect of the website will also be able to access live auctions, as well as registering.
The recent news comes after the partnership was announced last year June, with Sotheby. At that time, it was revealed that access would be made to Sotheby’s listings of artworks, antiques, and collectibles. This will permit people around the world to bid on items simultaneously, with bidding at Sotheby’s New York headquarters. This will give Sotheby access to a widest market possible in an effort to boost the sales of the company.
While Sotheby’s does possess its online auction, the lure of eBay’s millions of purchasers represents a whole new realm. Having an arsenal of approximately 145 million buyers who are currently active, the prospects are wide and promising. It was further revealed that the while Sotheby would be the standard bearer, such a service will not be exclusive to that company. Other sellers will be able to access the service as well.
This move comes in response to reports that Sotheby’s have been losing ground to its competitors. As a result, even though, unlikely, the move represents somewhat an aggressive nature that will change the trend. For eBay’s part, the company hopes to mirror the feeling of being at a real life auction. Additionally, eBay Inc (NASDAQ:EBAY) notes that last year collectibles represented a large part of its business. Items that will be featured on eBay include paintings, jewelry painting, and sculptures.
Of note, this is not the first attempt at a partnership between the two. However, hopes are higher this time based on global trends, as well as the experience, that would have been gained from the past.