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London (pte050/06.02.2003/21:52) - Sotheby's, the high-art auction house, is to incur a multimillion Euro charge as it admits defeat on ist loss-making online bidding site. http://www.sothebys.com
The company will instead focus its internet strategy on eBay's auction website. The companies had previously cooperated in running auctions on both sites, but now the focus of live auctions will be wholly turned over to eBay. Sothebys.com will continue to monitor the progress of physical auctions, and internet users interested in bidding will be redirected to eBay. http://www.ebay.co.uk
eBay's garish primary coloured logo had always seemed somewhat out of place amidst the Henry Moore bronzes and Chippendale chairs featured on Sotheby's.com. Industry commentators are viewing the move by Sotheby's as a mark of growing confirmation that not all offline activities currently have commercial internet potential.
According to the Financial Times, the loss of its own auction website will mean Sotheby's will incur a one time restructuring charge of around E3m and will also lead to redundancies.
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