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Friday, July 5, 2024 |
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EBay Sells Butterfields to Bonhams |
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SAN JOSE, CALIFORNIA.- eBay Inc. announced it sold the auction house Butterfields to Bonhams. It did not disclose the financial terms of the deal. eBay will now try to focus on its core online auction business. In 1999, eBay acquired Butterfields for $260 million. But Butterfield has not been profitable, as Kruse Inc, another auction house eBay acquired. eBay spokesman Kevin Pursglove stated "Butterfields has certainly helped us in the marketplace. But for the long-term growth and future of Butterfields, we thought it would be best that it be owned by a (traditional) auction company." Geoff Iddison, Butterfields’ chief executive officer, stated that Bonhams, which is based in London, will use Butterfields to enter the American market, where they havelittle presence. Iddison stated, "The strategies of the two businesses are going in different ways. It makes more sense for Butterfields to have a more traditional partner going forward." Robert Brooks, group chairman of Bonhams, stated, "With almost 20 separate areas of collecting covered by Butterfields sales, none of which is duplicated by our existing operations in North America, our acquisition of the company gives Bonhams a great base from which to build our business."
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Today's News
July 5, 2024
The wide, wide world of Judy Chicago
Audrey Flack, creator of vibrant photorealist art, dies at 93
Kunstsammlung Nordrhein-Westfalen opens a new presentation of its collection
'Mapping the 60s. Art Histories from the mumok Collections' opens in Vienna
Salvador Dalí's iconic Mae West Lips Sofa goes on display at NGV International
San Francisco's arts institutions are slowly building back
The Beatles and the Beach Boys lead Heritage's Music Memorabilia & Concert Posters Auction
The man behind the Minions
Solo exhibition of new work by Lorna Robertson on view at Alison Jacques
Kröller-Müller Museum restores '56 Barrels' by Christo
parrasch heijnen's first solo exhibition with Nabilah Nordin to open in Los Angeles
One of comicdom's most (in)famous covers, 'Black Cat Mystery' No. 50, scares up a record $840,000 at Heritage Auctions
How a patriotic painting became the Internet's soap box
The Phillips Collection presents 'Multiplicity: Blackness in Contemporary American Collage'
On the Jersey Shore, there's a flag for everything
Ben Hunter and Offer Waterman announce co-representation of Tess Jaray
Paul Theroux on necessary solitude, risks and the joy of writing
Rob Stone, master marketer of hip-hop, is dead at 55
Niclas Larsson is ready to shoot more close-ups
Chinese coins celebrating scientific inventions lead Heritage's $8.4 million HKINF World & Ancient Coins Auction
Paul Smith's Foundation announces inaugural Director
The Dutch LAM museum adds flavour to art viewing experiences
Casino Luxembourg presents 'My Last Will', a project by M+M
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