Amazon Plans High-End Online Art Gallery

by Christopher Freeburn | July 1, 2013 11:17 am

Amazon Plans High-End Online Art Gallery

amazon box 630 300x225 Amazon Plans High End Online Art Gallery[1]Apparently not content to sell just about everything from paperbacks to vacuum cleaners, Amazon (AMZN[2]) plans to move into high end art sales[3].

The Internet retail giant is developing an digital art gallery that will allow shoppers to select among 1,000 fine artworks. The company has approached dozens of art galleries in the U.S. to build support for the effort. Amazon would take a commission for any sales made through the digital gallery, The Art Newspaper notes.

Amazon is reportedly trying to work with smaller art dealers, but has encountered skepticism that it can succeed. It is asking commissions of between 5% and 15%, which is lower than comparable online art galleries.

Amazon has previously targeted high-end retail markets, including fine wines[4]. It reportedly described the new art gallery to one art dealer as being similar to its wine shop.

If it does launch its own digital art gallery, Amazon won’t be a trailblazer in fine art. Discount retail chain Costco (COST[5]) has its own fine art retail website, selling prints by Marc Chagall and Henri Matisse.

Shares of Amazon rose about 1% in Monday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/amazon-box-630.jpg
  2. AMZN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMZN
  3. plans to move into high end art sales: http://www.theartnewspaper.com/articles/-Amazon-to-launch-virtual-art-gallery/29989
  4. including fine wines: http://investorplace.com/2012/11/12-states-that-can-now-buy-wine-on-amazon/
  5. COST: http://studio-5.financialcontent.com/investplace/quote?Symbol=COST

Source URL: http://investorplace.com/2013/07/amazon-plans-high-end-online-art-gallery/
Short URL: http://invstplc.com/1fs0uGx