Ending Soon! Save 33% on All Access

Sotheby's Joins Up With eBay to Bring Rarefied Fine Art to Digital Masses The move signals a democratization of the uber-elite art and collectibles market, as well as growing consumer confidence in online shopping.

By Geoff Weiss

Opinions expressed by Entrepreneur contributors are their own.

Storied auctioneer Sotheby's and e-tail leader eBay have inked a new partnership, signaling that consumer confidence in online shopping has grown to encompass big-ticket items like fine art and multimillion-dollar collectibles.

The two companies announced today that they will team to create a newly-designed marketplace within eBay enabling the site's 145 million global users to participate in certain Sotheby's auctions as they happen in New York.

The brand new eBay platform will specifically target art and collectibles shoppers, and Sotheby's will serve as its anchor tenant.

Auctions will fall into 18 categories including jewelry, watches, prints, wine, photographs and 20th century design. In addition to initially streaming live auctions and allowing for real-time bidding worldwide, the partnership could eventually call for themed and time-based sales, Sotheby's said in a press release.

Related: The Art World Tells Us Much About the Value of Wealth

"We are joining with eBay to make our sales more accessible to the broadest possible audience around the world," said Bruno Vinciguerra, chief operating officer of 270-year-old Sotheby's -- heretofore known for its unthinkably lavish offer among an elite consumer base.

The effort actually marks the second collaboration between Sotheby's and eBay, notes The New York Times. While a 2002 venture to offer auctions online folded after just a year, this latest team-up arrives on the heels of a smartphone revolution and a maturing fine arts market, Sotheby's execs said.

And eBay, for its part, stands to gain the cache of associating itself with the Sotheby's name as it increasingly seeks to vend high-ticket items. "We sell a lot of expensive items, including roughly 13,000 automobiles every week to mobile shoppers," said eBay's president of global marketplaces, Devin Wenig. "Customer trust in e-commerce has evolved."

In the face of this evolution, Sotheby's competitor Christie's is eyeing an online push of its own. The company has poached execs from Gilt and Mr. Porter in order to spearhead a $50 million investment that will include more Internet-only auctions and a complete rehaul of its website scheduled for the fall, the Times reports.

Related: PayPal President David Marcus Jumps Ship to Run Messaging at Facebook

Geoff Weiss

Former Staff Writer

Geoff Weiss is a former staff writer at Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Growing a Business

Want to Expand Your Market Overseas? Here's Everything You Need to Know About Global Logistics in 2024

With rising geopolitical tensions and changing market conditions it can be hard for businesses to navigate supply chain logistics even in a post-pandemic world. Here are three tips from the CEO of an international customs brokerage.

Social Media

How To Start a Youtube Channel: Step-by-Step Guide

YouTube can be a valuable way to grow your audience. If you're ready to create content, read more about starting a business YouTube Channel.

Business News

Elvis Presley's Granddaughter Fights Graceland Foreclosure, Calls Paperwork 'Forgeries'

The 13.8-acre estate was scheduled to be sold in a public foreclosure auction on Thursday. Presley's granddaughter and heir, Riley Keough, is fighting to save Graceland in court.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Kickstarter Is Opening Up Its Platform to Creators and Making Big Changes to Its Model — Here's What's New

The company noted it is moving beyond traditional crowdfunding and making it easier for businesses to raise more money.

Business News

Target Is Lowering Prices on Thousands of Items — Here's Where You Can Expect to Save

The news was announced ahead of Target's Q1 2024 earnings call, expected to occur Wednesday at 10 a.m. EST.