Barrington Research Sees Partnership With eBay As Positive For Sotheby's

In a report published Tuesday, Barrington Research analyst Kristine Koerber reiterated an Outperform rating and $52.00 price target on Sotheby's BID. In the report, Barrington Research noted, “The company announced a partnership with eBay (EBAY; not rated) to develop an online trading platform to stream auctions on eBay. Sotheby's will continue to use its BIDnow platform for auction bidding. The streaming platform for arts and collectibles will be launched in the fall. The streaming auction platform will initially be focused on artwork and collectibles valued at $5,000-100,000 and it will exclude Sotheby's evening auctions. Sotheby's anticipates not only driving repeat customers to the online bidding platform, but also anticipates it will help build its new customer file.” Sotheby's closed on Tuesday at $40.09.