Sotheby’s and Invaluable Expand Partnership Amid Auction House’s Online Sales Growth
April 04 2017 - 3:52PM
Nearly 20% of Online Buyers in 112 Auctions in
2016
Sotheby’s (NYSE:BID) and Invaluable today announced a multi-year
partnership extension, strengthening a relationship that has helped
Sotheby’s increase the number of online bidders and buyers
participating in its auctions.
Rob Weisberg, CEO of Invaluable, the world’s
leading online marketplace for fine art, antiques and collectibles,
said, “We’re proud to deepen our relationship with Sotheby’s and
excited that we’ve been able to help expand their audience of
collectors.
“The way people view and buy art is changing and
this partnership offers new and existing collectors an easy,
seamless and trusted way to discover, engage with and buy the
pieces they love through online channels,” he added.
Tad Smith, Sotheby’s President and CEO, said,
“Enhancing the experience and opportunity for clients to
participate with us online is a key priority and Invaluable has
been an important partner in helping us achieve those goals.
We are pleased to expand this agreement and extend our partnership
with Invaluable.”
Online buyers spent $155 million at Sotheby’s in
2016, up nearly 20% from the prior year, despite the overall
decline in the global art market last year.
Sotheby’s, which joined the Invaluable
marketplace in early 2016, offered 112 auctions on Invaluable last
year, including timed online-only offerings. This year, that number
is expected to climb to more than 150 with sales run in New York,
London, Hong Kong, and Geneva.
The results of the Sotheby’s auctions listed on
the Invaluable marketplace in 2016 showed:
- Invaluable bidders represented 36% of all online bidders and
19% of online buyers in these sales.
- 90% of bidders coming through Invaluable were new to
Sotheby’s.
In addition to selling on Invaluable, Sotheby’s
will continue to utilize Invaluable as its core technology
partner for online bidding. The auction house uses
Invaluable’s technology to power sales on sothebys.com.
Invaluable’s technology is seamlessly integrated into Sotheby’s
auction experience including, bidder registration, real-time
bidding and in-room auction management consoles to help the
auctioneer monitor online activity.
Invaluable is an important component of
Sotheby’s online audience, which is the largest in the
industry.
For more information on Sotheby’s, please visit
www.Sothebys.com. For more information on Invaluable, please visit
www.Invaluable.com.
About InvaluableInvaluable is
the world’s leading online marketplace for buying fine art,
antiques and collectibles. Working with more than 4,000 of the
world’s premier auction houses, dealers and galleries, Invaluable
helps buyers from more than 180 countries connect with the things
they love. With best-in-class online bidding technology, along
with a fixed-price retail platform, Invaluable provides sellers
with e-commerce and marketing solutions, as well as auction
management software. Recently called “one of the fastest growing
e-commerce sites in the art world” by Blouin ArtInfo, Invaluable
has also been recognized by Deloitte’s Technology Fast 500™ and the
EY Entrepreneur of The Year® program in both 2015 and 2016.
Headquartered in Boston, Invaluable also has offices in the United
Kingdom, France, Germany, Belgium and Australia. For more
information, visit www.invaluable.com or follow us on
Twitter at @InvaluableLive.
About Sotheby’sSotheby’s has
been uniting collectors with world-class works of art since 1744.
Sotheby’s became the first international auction house when it
expanded from London to New York (1955), the first to conduct sales
in Hong Kong (1973), India (1992) and France (2001), and the first
international fine art auction house in China (2012). Today,
Sotheby’s presents auctions in 10 different salesrooms, including
New York, London, Hong Kong and Paris, and Sotheby’s BidNow program
allows visitors to view all auctions live online and place bids
from anywhere in the world. Sotheby’s offers collectors the
resources of Sotheby’s Financial Services, the world’s only
full-service art financing company, as well as the collection
advisory services of its subsidiary, Art Agency, Partners.
Sotheby’s presents private sale opportunities in more than 70
categories, including S|2, the gallery arm of Sotheby's Global Fine
Art Division, and two retail businesses, Sotheby’s Diamonds and
Sotheby’s Wine. Sotheby’s has a global network of 80 offices in 40
countries and is the oldest company listed on the New York Stock
Exchange (BID).
Contact:
Lauren Gioia
212 606 7176
lauren.gioia@sothebys.com
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