Online Platforms for Art

Artnet

• 1989 – founded as Centrox Corporation• 1995 – changed name to Artnet• 1996 – introduced online auctions sales database• 1999 – launched online auction platform with AOL as

strategic partner• 2001 – closed online auctions at loss of $11 million• 2008 – launched first online auction platform exclusively

for fine art

Sotheby’s

• 2000 – launched collaboration with Amazon on online auctions (sothebys.amazon.com)

• $31 million in sales in first half of 2000, including $8.1 million sale of Declaration of Independence

• $28 million in loses in first half of 2000• October 2000 – Terminated Amazon partnership• 2002 – Announced partnership with ebay• 2003 – ebay partnership abandoned• $130 million in loses 2000-2003

Online Auctions

• Online sales accounted for an average of only 1% in the top tier houses.

• However, some auction houses have begun concentrating more on this channel.– Christie’s launched its first online-only auction in

December 2011, and held six online-only auctions in 2012, although these were not high value. In 2013, however, Christie’s held five online-only sales of works by Andy Warhol—the first time the auction house has ever offered online-only Post-War and Contemporary art sales.