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Non-Tech : Sotheby's (BID) Auction House
BID 56.990.0%Oct 14 5:00 PM EST
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To: Steve Andrew who wrote (119)1/20/1999 11:59:00 AM
From: John  Read Replies (1) of 236
 
Steve,

I think you make some reasonable points, but I think you're underestimating the value of the name in an internet context, and more importantly the value of Sotheby's authenticity guarantee. It's true that eBay's commission structure is lower, but you get what you pay for. Lots of non-authentic merchandise is being peddled on eBay to the unsuspecting. Is it worth more to go to a site where you might pay more but you know you're getting authentic merchandise and a solid company to back it up? I think so.

As to Sotheby's staff, they'll get used to it. Moreover, Sotheby's receives a multitude of items that they cannot sell cost-effectively in their live auctions and they have to refer to others. Now they will be able to sell many of those items profitably themselves, without any additional effort to "go out and find them."

Bottom line: Sotheby's is worth a lot more than 20% of eBay's market cap, IMO.

John
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