NEW YORK — Sotheby’s has agreed to a multi-year extension of its partnership with Invaluable, the world’s leading online marketplace for fine art, antiques and collectibles. The new deal strengthens a relationship that has helped Sotheby’s increase the number of online bidders and buyers participating in its auctions.
Rob Weisberg, CEO of Invaluable, said, “We’re proud to deepen our relationship with Sotheby’s and excited that we’ve been able to help expand their audience of collectors.
“The way people view and buy art is changing and this partnership offers new and existing collectors an easy, seamless and trusted way to discover, engage with and buy the pieces they love through online channels,” he added.
Tad Smith, Sotheby’s President and CEO, said, “Enhancing the experience and opportunity for clients to participate with us online is a key priority and Invaluable has been an important partner in helping us achieve those goals. We are pleased to expand this agreement and extend our partnership with Invaluable.”
Online buyers spent $155 million at Sotheby’s in 2016, up nearly 20% from the prior year, despite the overall decline in the global art market last year.
Sotheby’s, which joined the Invaluable marketplace in early 2016, offered 112 auctions on Invaluable last year, including timed online-only offerings. This year, that number is expected to climb to more than 150 with sales run in New York, London, Hong Kong, and Geneva.
The results of the Sotheby’s auctions listed on the Invaluable marketplace in 2016 showed:
- Invaluable bidders represented 36% of all online bidders and 19% of online buyers in these sales.
- 90% of bidders coming through Invaluable were new to Sotheby’s.
In addition to selling on Invaluable, Sotheby’s will continue to utilize Invaluable as its core technology partner for online bidding. The auction house uses Invaluable’s technology to power sales on sothebys.com. Invaluable’s technology is seamlessly integrated into Sotheby’s auction experience including bidder registration, real-time bidding and in-room auction management consoles to help the auctioneer monitor online activity.
Based in Boston, Invaluable works with more than 4,000 of the world’s premier auction houses, dealers and galleries, Invaluable helps buyers from more than 180 countries purchase art online.