Sotheby’s (NYSE:BID) and eBay (NASDAQ:EBAY) teamed up to start high-end auctions online Tuesday.
The new platform for high-end auctions is “ebay.com/sothebys”. The first auctions will start on April 1 and will include the 13 letters from the 1970s Yankee Stadium sign. Many of Sotheby’s auctions being held in New York will be streamed through this service, reports Fortune.
The deal between the two companies will help bring auction experience to eBay and a large online customer base to Sotheby’s. Online art and antique sales make up 6% of worldwide sales. Online sales see spending ranging from $1,000 to $50,000, Fortune notes.
This won’t be the first time that Sotheby’s and eBay have teamed up. However, the deal that was struck between the two in 2002 only lasted for about a year. Ebay said that the 2002 team up was a little too ahead of its time to work then, reports The Verge.
BID shares were up 2% as of Tuesday morning.
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