Sotheby?s, the world?s oldest international auction house, is to open up for business online.
The auction house, which has principle sales rooms in London and New York, is initially investing $25 million in the development stage of what will be known as ?Sotheby.com?.
This figure will include personnel, marketing and capital costs. The auction house is confident the expenditure is appropriate in light of the potential business the Internet offers.
Sotheby?s said it will sell additional art, antiques, jewellery and collectibles from its existing sources just for the Internet audience.
?It is clear that the Internet is superbly suited for holding auctions,? said Diana Brooks, president and chief executive of Sotheby?s, who believes it will take the company beyond its traditional boundaries to a whole, new audience of collectors.
?We are committed to delivering our Internet auctions with the same experience and expertise that have characterised our live auctions for more than 250 years and we are confident that our brand name will translate well into the dynamic new marketplace of the Internet,? she added.
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