New Online Auction Platform Looks to Challenge LiveAuctioneers

September 11, 2014 4:17 PM

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The worldwide art and collectibles auction trade has become worldwide over the past decade because of greater wealth that has been accumulated by entrepreneurs around the globe and because of the ability of buyers in far-flung locations to participate in sales through online bidding. Christie's, Sotheby's and Heritage Auctions all have created their own in-house online bidding platforms, but most every other auctioneer relies on an outside company, the largest being the Manhattan-based LiveAuctioneers.

With all the good of a globalized art market has come some problems (a higher incidence of successful bidders refusing to pay, particularly in countries with new wealth, such as China and Russia) and criticism of LiveAuctioneers for its unwillingness to pursue slow- and nonpayers. "When the hammer g...

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