Sotheby’s To Bring Famous Collections to Web

International auction house Sotheby’s Tuesday announced plans to
launch a new Internet auction site focusing on art, antiques, jewelry and
collectibles.

Diana Brooks, Sotheby’s president and chief executive officer, said the
site’s launch signals a new era for the company. She said the Internet unit
will not only draw on property from its existing business but will also
feature items from a variety of art dealers and other experts.

“It is clear that the Internet is superbly suited for holding auctions and
it is equally clear that it offers great possibilities for Sotheby’s. This
is a time of great opportunity for Sotheby’s and a time of great change,”
she said.

Sotheby’s plans to invest more than $25 million initially to develop the
venture. The company has also dedicated a significant portion of its core
auction staff to work on the effort.

The company named Susan Solomon, formerly president and chief executive
officer of Sony Worldwide Networks, as the new worldwide chief executive
for sotheby’s.com. She will also become executive vice president of
Sotheby’s Holdings.

Sotheby’s is planning a major auction of baseball memorabilia this summer.
A significant portion of the collection will be sold online.

Brooks said Sotheby’s expects big things from the Internet.

“We are committed to delivering to our Internet auctions the same
experience and expertise that have characterized our live auctions in our
more than 250-year history and we are confident that our brand will
translate well to the dynamic new marketplace of the Internet,” she said.

Tuesday’s announcement is the latest in a new trend of targeting affluent
online users. Last week, Millionaire.com, a specialty retailer
targeting affluent shoppers, acquired The Great Gatsby’s Auction Gallery,
one of the largest collections of antiques, collectibles and architectural
reproductions in the country.