EBay And Sothebys Team Up For High-End Auctions

Furthering its foray into high-end auctions, eBay Inc EBAY has announced a new partnership with Sothebys BID. The e-commerce site now has a live auctions page dedicated exclusively to live streaming auctions at Sotheby's New York.

The first auction will take place on April 1 and will be New York themed, with Yankee Stadium memorabilia on sale, including the giant letters from the New York baseball stadium. The auction will also include photographs, Andy Warhol's first studio lease and memorabilia from the famous player Reggie Jackson, who won the World Series five times.

The idea behind this partnership is to bring together the old, the traditional, with the new: Sotheby’s 270 years of experience selling art and antiques with eBay’s digital skill and resources.

"What this partnership is about is leveraging eBay's audience and ability to target that audience and find clients that have the means to participate in a Sotheby's auction," Josh Pullan, Senior Vice-President and Director of e-commerce at Sotheby's, said.

Shares of eBay were down less than 1 percent Tuesday, while Sothebys was up 1.5 percent.