Antiques Netshow

Snooty Sotheby's dives into an online auction world shaped by scrappy eBay. How will its objets d'art fare amid the Furbys?

By Janelle Brown

Jun 21, 1999 | A tour of the public galleries at Sotheby's New York is not a heartening endeavor for the weak of wallet. The anterooms of this Manhattan institution -- rooms that are free and open to all visitors -- must make up one of the world's most extraordinary museums, by measure of the sheer volume of antiques, paintings, memorabilia, furniture and jewelry that passes through each week en route to the auction block. It's a paradise for the culturati, and everything is up for sale.

On a recent visit, Sotheby's was conducting tours of the private collection of Mr. & Mrs. John Hay Whitney (yes, those Whitneys), an extraordinary assemblage of Impressionist artworks, most going up on the block for a cool million -- or $25 million. "This is probably your last opportunity to get a fine Seurat," admonished the refined and decorous curator, chuckling over its hefty price tag. "Don't we all wish we were still collecting art in the 1950s?"

This hushed, moneyed spectacle is a far cry from the ragtag realm of eBay, the capitalist empire built on Pez dispensers and Beanie Babies, where the average objet d'art might set you back $40 or $50. Or is it?

Sotheby's is gambling that the two worlds aren't so far apart, and is poised to launch not one, but two major online auction ventures by September. One is a $25 million project at Sotheby's.com and the other is a just announced joint venture with Amazon.com's fledgling auctions division.

The leap from the world of fine antiquities to the frenzy of digital bidding may seem odd, but it is an act that Sotheby's expects will pave its way to 21st century success. And Sotheby's isn't the only venerable auction house with this vision: Its biggest competitor, Christie's, is also planning an online auction venture for later this year. And even as Sotheby's imitates eBay's online success, eBay is itching for some of Sotheby's real-world clout -- it bought the California auction institution Butterfield & Butterfield in April. The common gamble here is that the online market is ready and willing to become fine art collectors.

"On the one hand, there has been more wealth created in the last several years than in any time in history. People have at their disposal so much more income to go out and buy collectibles," explains Diana Brooks, CEO of Sotheby's. "Set against that is that people are so much busier; there is so much less leisure time than there ever has been in the past that it's hard for a busy professional to become a serious collector. The Net takes down all those barriers to entry -- we know people have the appetite, it's just a matter of how we get them to actually do it."

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