Sotheby’s Launches New See Now Buy Now Platform

Sotheby’s, the premier auction house, is diversifying its business model and has launched a new platform that allows consumers to purchase luxury items without having to go through the bidding process and its extra fees. In a world where consumers are becoming ever more discerning and wanting quick gratification – not to mention digital savvy – this sort of pivot from Sotheby’s (to complement its auction business) may just be the way forward in how we curate, purchase and consume luxury goods.

The new online platform is called Buy Now and it houses various product categories, from fine art to collectible sneakers, from highly coveted exotic skin Hermes handbags to rare wines and spirits. There are also jewelry, watches, writing instruments and classic cars. Buy Now also folded in what was previously Sotheby’s Home, which featured furniture and decorative items from top designers.

Buy Now skews towards a younger audience who is either looking for a first true luxury purchase or is adding to a growing collection. Younger in the sense that items available for purchase include for example: signed and game worn Shaquille O’Neal Reeboks with a $25,000 price tag, a rare wicker Panier de Peche bag from Hermes priced at $21,000, and a plethora of contemporary baubles from Place Vendome jewelers.

“Our newest platform – the Buy Now marketplace – has been created to connect collectors with beautiful objects easily and quickly and provides a complete luxury experience across fine jewels, contemporary art, collectible sneakers, watches, designer handbags, decorative objects, interiors and pens. The model is a fixed-priced format that complements our seasonal auction business, meaning that buyers can purchase items instantly at their convenience. Since its soft launch in September with Watches and Jewels, we have expanded our property mix to over 3,000 items across multiple categories and to date, our average sold item value has been $16,000, with 56% of those buyers being brand new to Sotheby’s. This immediately positions Sotheby’s as the world’s most exclusive destination for luxury items and we’re excited to now grow and scale this business. Some highlights currently available include: a limited edition Patek Philippe World Time wristwatch, statement pieces from Cartier, Van Cleef & Arpels and David Webb, a Nike Lobster Dunk sneaker, an unusual Hermes Stromboli bag in alligator and plume de coq, as well as a selection of more than 100 pens from Montblanc and Montegrappa. We also recently partnered with RIMOWA to exclusively present three limited-edition RIMOWA watch cases on our Buy Now platform, and all of them sold, within a week,” said Josh Pullan, Managing Director of Sotheby’s Luxury Division.

Buy Now also includes Sotheby’s network of art galleries all over the US which sell contemporary artworks for immediate purchase.

And to service their clients who have temporarily moved away from cities like New York because of the Covid pandemic, Sotheby’s has opened showrooms in East Hampton, Palm Beach and London to highlight pieces from the Buy Now marketplace alongside blue chip art and 20th century design.

Consumers who are looking to offload their jewelry, watches and Hermes bags can also sell with their pieces on the Buy Now platform via a consignment program. Of course, it goes without saying that submitted items will be put through Sotheby’s rigorous vetting process.

Sotheby’s Buy Now may just be your online destination for your Christmas gift list.