Sotheby’s takes over the luxury resale market with Buy Now

Sotheby's takes over the luxury resale market with Buy Now

The Hermès Birkin. The Louis Vuitton x Supreme trunk. Michael Jordan‘s first shoes. For Sotheby’s to be having auctions, often going for important figures, leather garments and accessories is nothing new. So, the launch of the Buy Now online platform might seem like a simple set-up: a place to concentrate the sales that were once made occasionally. But no, the new portal is above all a business model. The products will not be auctioned, but (as the name suggests) put up for direct sale. And then the initiative represents a gauntlet. The British company wants to establish itself on the luxury resale market: competitors are warned.

Buy Now

“Our platform was created to connect collectors with beautiful objects in an easy and fast way – explains Josh Pullan, managing director of Sotheby’s luxury division, to Forbes -. The fixed price model completes our auction house business and allows immediate purchase”. Since its launch at the end of the summer, the portal has recorded positive results. “In September, we started with the Wine and Watches sections – continues Pullan -.

Then we expanded the mix to over 3,000 products across multiple categories. To date, the average value of items sold is 16,000 dollars, with 56% of new buyers”. Today, among the main sections of the portal there are sneakers (always them) and leather goods.

Sotheby’s wants to establish itself as a great marketplace for used and second-hand fashion. Moreover, hopes to establish itself as a reference for customers, especially younger ones, and for operators who want to put their memorabilia on sale. In short,  wants to transform itself into something more complex than what it has been until now.

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