’NetNews

Staff -- JCK Online, 3/1/1999 2:00:00 AM

SOTHEBY?S TO LAUNCH INTERNET AUCTION SITE

Sotheby?s, the world?s oldest international auction house, has joined the growing number of online auctioneers. It is investing some $25 million in a new Internet auction business for art, antiques, jewelry, and collectibles. Its first major auction, of baseball memorabilia, will be held this summer. The Web site is www.sotheby?s.com. No formal date for launching the site itself has been given.

Announcement of the new business was made Jan. 19 by Diana D. Brooks, president and chief executive officer of Sotheby?s Holdings Inc., the parent company of Sotheby?s worldwide auction, art-related financing, and real estate activities.

According to Brooks, the new venture will expand Sotheby?s traditional live-auction business and make it accessible to millions of people.

Susan L. Solomon, formerly president and CEO of Sony Worldwide Networks and chairman and CEO of Lancit Media, has been appointed worldwide chief executive officer of sothebys.com and executive vice president of Sotheby?s Holdings.

Sotheby?s plans to invest more than $25 million in the initial development phase of the new venture, including personnel, marketing, and capital costs. Although these initial investments could have ?some dilutive effect? on its earnings in the short term, according to a company report, ?Sotheby?s believes these expenditures are appropriate in light of the significant potential of the Internet business to both increase revenue and reduce costs for the Company over the longer term.?

POLYGON LAUNCHES AUSTRALASIAN VERSION

Polygon Net, the jewelry industry?s primary online services provider, has launched an Australasian version of its 15-year-old U.S. network. The Australasian network is the first jewelry network launched outside the United States, according to the Jewellery and Allied Trades Valuers Council of New South Wales. Australasia polygon.net members will be able to access information available on the U.S. network.