eBay to launch top notch auction site

Online auction giant eBay has launched a high end site, one of the first spin-offs from buying upmarket auction house Butterfield & Butterfield.

The site, dubbed Great Collections, will feature antiques, paintings and ancient coins.

Great Collections is a major departure for eBay which has made its name selling low price items. On the new site collectors will be looking at spending hundreds and even thousands of dollars.

Unlike the eBay person-to-person auctions, Great Collections will feature items from established auction houses including Butterfield & Butterfield and Zurich-based Sternberg.

Individual sellers can list items on the site by consigning them to Butterfield & Butterfield to be appraised and guaranteed by the auction house's experts.

This is another move by Ebay to dominate the online auction market. The company has already expanded outside the US to the UK, Australia, Germany and Canada and has spawned many a copycat company. Recently it moved into car auctions after buying car auction house Kruse International earlier this year.

eBay will have a head start on Amazon.com which plans to launch a similar site partnership with Sotheby's later this year