eBay cannot touch fine art auctions
Published March 12th, 2006
Although eBay has revolutionised the auction business, it has struggled to make gains in fine art sales - primarily because fakes are rife and it is difficult to double-check the provenance of online lots.
Although it attempted to make inroads with the purchase of Butterfields auction house in 1999 for $260m, the strategy failed. Butterfields was sold to Bonhams in 2002, reportedly for a fraction of the original cost.
Perhaps buyers are unwilling to part with enormous sums of cash for high-art objects they have not seen in the flesh. But if any of the unsuccessful bidders for Canaletto’s depiction of the Grand Canal would like to lay their hands on a worthy substitute, eBay is offering framed prints for a mere 99p.
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