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Amazon, Sotheby’s Partner
Online retail giant Amazon.com announced a 10-year deal with 255-year-old auction house Sotheby’s Holdings last week to launch a joint online auction site later this year. The site will debut with an auction of baseball memorabilia from the Halper Collection. New York-based Sotheby’s will maintain its www.sothebys.com site, which will begin selling art, jewelry and books online this fall, and Seattle-based Amazon.com will keep its new auction area. Amazon.com agreed to purchase 1 million shares of Sotheby’s common stock and agreed to purchase three-year warrants for an additional 1 million shares.
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