Exactly a month ago international auction house Sotheby's launched its online site, and this example will, no doubt be followed by other companies in the near future. Sothebys.Com includes art and objects from 66 different collecting categories, including Impressionist paintings, books, porcelain, furniture, old masters, Asian works of art and jewellery.
Estimates range from $200 to $100,000 and the site was launched with approximately 5,000 lots from which bidders could choose; some 2,000 of these carried estimates below $1,000. Approximately half of these lots are consigned by dealers - more than 400 of them who are Sotheby's Internet Associates have given items - and half by Sotheby's clients.
The intention is that auction closing times will usually range from two to four weeks. By far the most expensive item on offer at the start is a copy of the first printing of the American Declaration of Independence; the most expensive authenticated object yet to be offered in an online auction, this document is expected to sell for between $4 million and $6 million.
The site itself has been designed to act as a collector's resource, with its own online magazine, Sotheby's Connoisseur. This will provide advice and expertise from representatives of the company on buying an object. There are a number of different categories within these collecting guides, including: what to look for; care and restoration; history; references for further reading; and a glossary of terms.
When browsing through the lots currently available, roll-over images are intended to encourage prospective buyers to dip into various categories, while pop-up windows should give a more detailed view of the photographs accompanying each lot. The home page will include a "featured sale" and four different ways to search for an object or category.
In addition, the same page provides information on live auctions taking place around the world and general information on the different services available from the company.
Will this new method of auctioneering prove popular with vendors and collectors? The most obvious weakness, despite a promise of plenty of images, is a buyer's inability to inspect a possible purchase in person. Sotheby's held exhibitions of lots being offered on its site at five international locations to coincide with the venture's launch and this will probably be repeated. So much business is transacted by this means that it may very well suit many busy people.
At the moment, the scheme is too new to pass any definitive judgement but as an opportunity to observe the market in fine art this will certainly be of interest.
