To: Bill Harmond who wrote (49671 ) 4/10/1999 9:17:00 AM From: Glenn D. Rudolph Respond to of 164684
Auctioneer eBay and Butterfield may unveil venture SAN FRANCISCO, April 9 (Reuters) - Internet auction house eBay Inc is in talks with the West Coast's biggest auction house, Butterfield & Butterfield, about setting up a joint venture and may announce the alliance next week. In a recent Securities and Exchange Commission filing, eBay disclosed that it has signed a non-binding letter of understanding with Butterfield & Butterfield, the venerable auction house based in San Francisco, to create a separate category of premium items on the eBay Website. The items would be from Butterfield & Butterfield and other auction companies. According to a report in Friday afternoon's San Francisco Examiner, the two are close to announcing their alliance. A spokesman for eBay, based in San Jose, Calif., declined to comment on speculation, but cited the Securities and Exchange filing and the letter of understanding between the two. The SEC filing said that completion of the agreement is subject to a number of conditions, including executing a definitive agreement. Butterfield's New York competitors, Christie's and Sotheby's already have active online ventures of their own, but Butterfield hopes to become part of Internet history with its own Internet-based auction on April 29. The auction will be the first one that is simulcast over the Internet in five cities around the world, and it will take bids from the floors in each city and from the Internet. "This is the first time we've had auction houses participating from all over the world," said George Noceti, Internet services manager at Butterfield & Butterfield. He declined to comment on whether a joint alliance would soon be announced. "We think we have some exciting things planned," Noceti said. "We are kind of a first mover in this area." Butterfield, which recently got some attention with its auction of OJ Simpson's football jerseys and other personal items, has also signed with Yahoo! Inc's auction site to display their wares for online bidders. Butterfield is also in the so-called "quiet period" ahead of a planned public stock offering. A deal with eBay could have a strong impact on any Butterfield & Butterfield stock offering, and the deal could also fuel optimism among eBay's enthusiastic investors. <EBAY.O> <YHOO.O>