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article imageSotheby's and eBay form partnership for streaming auction

By Walter McDaniel     Jul 14, 2014 in Business
Online retail giant eBay and luxury item dealer Sotheby's are teaming up to deliver a joint online auction. Bids will be placed in real time with the stream so that viewers can watch each piece as it is bought.
Auctions of luxury items including art and jewelry will be broadcast to audiences on a new section of the eBay site. The announcement came as part of a press release that the Wall Street Journal wrote about.
The news itself has been prominently displayed across every major online media outlet you can think of including CNBC/The NY Times. Sotheby's COO Bruno Vinciguerra mentioned that We are joining with eBay to make our sales more accessible to the broadest possible audience around the world.
This is far from the only partnership that eBay executives have created with another major business. There are many of them but one of the most recent noteworthy ones was the GM partnership made to sell more cars from that brand. Due to this dealers will now have many more ways to get their product out to people all over the world.
As you can see in the attached video some believe this may be in reaction to the new stance rival dealer "Christie's" has taken on the industry. Sotheby's officials have also been lowering some base bids and are now taking a chance on this auction being streamed live.
This is a significant break from their previous policy of selling each piece for millions. While they will continue to sell extravagant pieces many believe that Sotheby's business strategy is changing for a variety of reasons.
More about Ebay, Sotheby's, Fine art, Auctions, Streaming
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