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Amazon,Sotheby start site
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November 19, 1999: 8:57 a.m. ET
Co-venture blends antique auctions with e-com technology
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NEW YORK (CNNfn) - Aiming to attract serious antique collectors with serious money to spend, Sotheby Holdings and Amazon.com Friday unveiled their co-branded Internet auction site.
First announced in June 1999, the companies officially launched the site Friday, offering bidders art, valuable objects and collectibles from 100 different categories, such as jewelry, furniture, coins, paintings, photographs and entertainment.
Initially the site will be available to buyers in the U.S., U.K., Canada and Germany, with a global expansion slated for the future.
Sotheby's (BID) said every lot for sale is guaranteed for authenticity and condition by experts, either from Sotheby's or its 4500 affiliated dealers. The site also employs Amazon's (AMZN) payment technology.
The 255 year-old auction house also operates its own site, Sothebys.com. In the high-end art and antiques auction space, main rival Christie's also has an Internet presence and recently announced it plans to expand its Web site offerings. Well-known Web auction site eBay offers more mid-range products for auction, from stores and individuals.
"A big problem with online auctions has been authenticity," said Amazon CEO Jeff Bezos. "With Sotheby's reputation and expertise in sourcing and authenticating art and valuable objects…auction bidders can now buy these items with complete confidence because they know what they're getting is the real thing." 
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